Page 142 - RusRPTAug24

more against the euro.
Increasingly Concerned About Global De-dollarization. US Treasury Secretary Janet Yellen views the decline in the share of US dollars in the global economy as one of her main concerns in July. Previously, Yellen stated that she did not see any competitors to the dollar and believed that sanctions against Russia would not change this. As of 2023, the share of international transactions conducted in dollars stands at 58%, compared to 73% in 2011.
The Bank of Russia expects that the share of cashless payments in the country will be at the level of 84-85%, First Deputy Governor of the Central Bank Olga Skorobogatova told reporters on the sidelines of the Financial Congress of the Bank of Russia. "We expect it will be 84-85% as of the year-end. We see growth and that its pace is maintained," the deputy governor said. The Central Bank said earlier that the share of cashless payments in the retail turnover was over 83.4% as of 2023 year-end.
India and Russia to Develop Rapid Money Transfer Mechanism Between Countries President Putin and Indian Prime Minister Modi will meet, with The Economic Times reporting that the main topic of discussion will be payments—especially in the context of sanctions and the unprecedented growth in trade between Russia and India. It is expected that a system will be created to facilitate quick transactions between the countries. There is also a possibility that Russia's "Mir" cards could be accepted in India, and India's RuPay cards could be accepted in Russia. Additionally, the meeting will address the trade imbalance between the countries—Russia exports much more to India than it imports. Both nations are keen to address this, and India may join as a supplier of parallel imports.
The Financial Action Task Force (FATF) has extended the suspension of Russia's membership but has not blacklisted the country, following its plenary session held in Singapore from June 23-28, 2024, Ukraine’s Ministry of Finance (MinFin) reported on July 1
Ukraine’s MinFin attended the meeting and has been lobbying for Russia’s blacklisting, which would further drastically impede Russia’s ability to make international payments. The FATF remains reluctant to blacklist Russia because of the impact that might have on international energy markets and Russia’s sale of oil to friendly countries.
The FATF reiterated its call for all jurisdictions to remain vigilant against the circumvention of measures imposed on Russia to protect the international financial system. This follows statements issued since March 2022. Despite the extended suspension, Russia was not added to the blacklist.
The FATF also issued a warning to all countries about North Korea's increasing financial connections with the international financial system,
142 RUSSIA Country Report August 2024 www.intellinews.com