Time for a non-aligned financial system

The story of the Russia-Ukraine war is unfolding as the plot of Homer’s Iliad rewritten by renowned science fiction writer Issac Asimov. Russia, it seems, is orchestrating not just military attacks but cyber warfare as well. Ukraine retaliated with automated drones, while the US and EU launched a concerted financial war to contain Russia. The … Read more

Can Central Bank digital currencies help countries circumvent sanctions?

It is clear that countries have sought to circumvent sanctions through contracts or agreements that are not denominated in dollars. Examples include the ‘rupee-rial’ mechanism introduced by India in 2012; the 2014 Russia-China trade agreement; Russia’s National Payment Card System to process domestic card payments; alternative financial messaging systems such as the Russian Financial Messaging … Read more