Transformation of cross-border financial transactions under sanctions pressure: analysis of alternative payment mechanisms and strategies for ensuring Russia's economic stability

Madatova Oksana Vladimirovna ORCID: 0000-0001-6441-5246 PhD in Economics Associate Professor; Department of Business Processes and Economic Security; Academy of Marketing and Social and Information Technologies (Krasnodar) 350010, Russia, Krasnodar territory, Krasnodar, Zipovskaya str., 5 mokb@bk.ru

Introduction

The study of the current geopolitical situation demonstrates the significant impact of sanctions mechanisms on the global financial and economic architecture. In particular, the Russian Federation is experiencing unprecedented pressure in the field of international settlements due to complex restrictive measures initiated by Western states (the United States ^[1], the European Union ^[2], the United Kingdom ^[3], etc.). An analysis of the current situation indicates a deliberate strategy to destabilize the national economy by blocking access to international payment instruments. An essential aspect of this issue is the introduction of a multi-level system of restrictions, including both direct bans on the use of the global SWIFT interbank system and mechanisms for secondary sanctions against foreign financial institutions that maintain business relations with Russian counterparties. These circumstances form a new paradigm of international economic relations, characterized by increased risks and uncertainty for participants in foreign economic activity.

The problems of international settlements are characterized by a multidimensional nature that integrates the political, economic and technological components of interstate cooperation. The restrictions imposed provoked a significant destabilization of the Russian economic sector, which resulted in the dysfunction of traditional financial channels, escalation of transaction costs and generation of an atmosphere of uncertainty in the system of international transactions. It is noteworthy that a decrease in the level of trust is observed even on the part of states that have not joined the sanctions regime. In the current situation, the research and implementation of innovative methods for cross-border payment transactions is of paramount importance.

The study of cross-border financial transactions occupies a significant niche in modern scientific discourse both at the national and international levels. The fundamental concepts in this field were formed thanks to the scientific works of domestic economists, including the works of S. Glazyev, M. G. Delyagin, as well as foreign researchers– Nobel laureates J. Stiglitz and P. Krugman's scientific research deserves special attention. Malkina, R. V. Balakina and G. V. Semeko. In the context of the transformation of Russia's payment infrastructure under the influence of Western sanctions restrictions, the research of N. A. Chernysheva and A. A. Chernyshev made a significant contribution to the development of the theoretical framework. They proposed a comprehensive analysis of the modification of global payment mechanisms.

According to current research, despite the deliberate actions of Western states to destabilize the Russian financial system by imposing restrictive measures, as evidenced by the analytical materials of the Bruegel Institute and other European think tanks, the Russian national economy demonstrates significant resistance to external pressure. Empirical data confirm the effectiveness of implemented adaptation mechanisms, including the diversification of payment instruments, the development of an autonomous financial architecture and the implementation of technological independence programs, which forms fundamental prerequisites for overcoming exogenous restrictions and ensuring sustainable economic growth.

In the context of modern geopolitical challenges, the study of innovative mechanisms of international financial transactions is of paramount importance for ensuring economic independence. A comprehensive analysis of the existing cross-border settlement tools demonstrates the need for a differentiated approach to evaluating the effectiveness of various payment solutions. Of particular importance is the development of hybrid models that integrate the advantages of national currency systems, decentralized digital assets and alternative channels of interbank communications. At the same time, it is critically important to take into account the specific characteristics of each instrument in the context of the current macroeconomic environment and foreign policy factors, which necessitates the formation of adaptive strategies for international settlements.

In this regard, the study is devoted to the development of innovative approaches to the organization of international payment transactions. The fundamental analysis allowed us to form a conceptual framework for creating an alternative system of cross-border transactions based on the use of local monetary units through specially created exchange platforms. The proposed methodology is aimed at ensuring the security of financial flows and leveling potential threats associated with the freezing of funds and currency risk, which is especially relevant in the current sanctions paradigm.

Within the framework of this scientific research, a comprehensive analysis of several interrelated areas is carried out. Initially, a detailed study of current challenges in the field of international monetary transactions in the context of current sanctions restrictions is being conducted. Next, the study focuses on a critical assessment of existing methods for reducing risks associated with global financial barriers. Considerable attention is paid to the theoretical substantiation and practical development of an innovative model of a specific platform providing trade and settlement operations using national currency instruments. The final stage of the work is devoted to a multifactorial analysis of the conditions for the implementation of the proposed model with a special emphasis on the assessment of political and economic risks and technological aspects of implementation.

The purpose of the study is to analyze and develop new mechanisms for cross-border financial transactions to ensure the stability of the Russian financial system. Decisions aimed at minimizing the negative impact of sanctions on the country's payment infrastructure are key in this context. The research focuses on the search for innovative approaches to the organization of international settlements. The use of local currencies and specialized exchange platforms is becoming an important aspect in the modern world and requires a comprehensive analysis in the context of modern geopolitical challenges.

The objectives of the study are a comprehensive analysis of current issues in the field of cross-border currency interaction, including a methodological assessment of mechanisms for minimizing sanctions risks and the formation of an innovative concept of monetary transactions with the priority use of local means of payment. The key focus of the work is on the development of alternative approaches to the organization of international settlements through the prism of the use of national monetary units, while simultaneously exploring current challenges in this area.

The working hypothesis is that under the current external economic constraints, it is assumed that the formation of specific trading platforms and the introduction of regional payment instruments can significantly strengthen financial stability and contribute to achieving economic sovereignty. This scientific hypothesis is based on the concept of diversification of settlement mechanisms as a factor in increasing the stability of the economic system.

The scientific novelty of the research results is expressed in the developed innovative hybrid concept, which is a synthesis of the key characteristics of traditional fiat money and decentralized digital financial instruments. The originality of the scientific contribution lies in a comprehensive multifactorial study of the practical implementation of the proposed model, taking into account modern technological capabilities, political realities and economic conditions.

A revolutionary approach to international settlements involves the creation of a special exchange system where trading operations are conducted in the national currencies of the participating countries. The key element is certified logistics companies that undertake the transportation and delivery of goods. This structure makes it possible to minimize dependence on global payment mechanisms by localizing cash flows within national borders. The uniqueness of the concept lies in the direct exchange of goods through a specially designed exchange platform, which eliminates the need to use international financial intermediaries.

The key aspects of novelty are:

1. The rejection of dollar settlements. The model demonstrates significant protection from sanctions pressure and external financial risks, as it completely excludes the use of any global reserve monetary units, including the US currency.

2. Optimization of transaction costs. The elimination of unnecessary stages of currency exchange and the optimization of settlement operations make it possible to achieve greater maneuverability and efficiency in cash flow.

3. Economic security. The creation of an independent monetary ecosystem significantly reduces the risks associated with the negative impact of economic factors from the outside.

4. The synergy of data and technology. Financial markets in different countries are becoming more transparent and efficient due to the introduction of modern information solutions. Digital innovations allow exchange platforms to quickly interact with each other, speeding up the processes of financial settlements between states.

5. Adaptation to geopolitical variability. A rapid response to the transformation of global financial markets is made possible by the flexible use of various currency mechanisms.

The negative impact of sanctions can be overcome through fundamental restructuring of the financial system. We are talking about a large-scale breakthrough that goes far beyond the current anti-crisis measures. The formation of fundamentally new financial interaction mechanisms will ensure reliable protection of international transactions in the long term.

The practical significance lies in the fact that the developed methodological tools demonstrate significant applied value, ensuring the formation of resistant cross-border payment mechanisms. This methodology makes it possible to design fault-tolerant financial structures, which is especially important for states subject to foreign economic restrictions. The implementation of the proposed conceptual solutions contributes to the creation of a viable monetary infrastructure in the face of external constraints.

Thus, the research focuses on the development of a methodological framework for countering sanctions restrictions in the field of international settlements. The implementation of the developed mechanisms contributes not only to maintaining macroeconomic balance, but also catalyzes the evolution of innovative payment instruments. This approach lays the fundamental foundations for creating a sustainable financial ecosystem that meets the needs of States subject to foreign economic restrictions.

In the course of the work, the following were used: system approach, comparative analysis, case study method, expert, empirical, predictive, logical, systemic, functional research methods.

Transformation of the international financial architecture in the context of sanctions pressure

From the side of the current geopolitical situation, there is a targeted impact on the financial infrastructure of the Russian Federation from the coalition of Western states. The initiators of these restrictive measures are the United States of America with the support of a number of allied states, including the United Kingdom, certain countries of the European Union and key Asian economies. Particular attention should be paid to the mechanism of extraterritorial sanctions applied to foreign financial institutions that maintain correspondent relations with Russian banking institutions. This strategy is aimed at destabilizing the system of international financial transactions and significantly limiting the possibilities of cross-border capital movement.

The study of the issue of cross-border financial transactions is of particular importance in the context of modern geopolitical challenges. Empirical observations demonstrate significant limitations in the system of international banking transactions for the Russian Federation. In particular, financial institutions, including organizations from loyal and neutral jurisdictions, systematically reject cross-border payments related to Russian counterparties. The intensification of inter-civilizational contradictions necessitates the formation of innovative mechanisms and methodological approaches to the organization of international settlements, which is the fundamental scientific and practical issue of this study.

In modern scientific circles, such scientists as S. Y. Glazyev ^[4], G. V. Semeko ^[5], M. G. Delyagin ^[6], M. Yu. Malkina, R. V. Balakin ^[7], P. Krugman ^[8], J. Stiglitz ^[9], W. Sombart ^[10] and others.

The research conducted by the Chernyshev scientists demonstrates the complex negative impact of sanctions measures on the Russian financial system. In particular, the blocking of access to SWIFT and the introduction of restrictive measures against foreign financial institutions that maintain business relations with the Russian Federation significantly destabilize the national payment infrastructure. These circumstances lead to a significant increase in operating costs, generate an atmosphere of uncertainty among economic agents and contribute to the erosion of mutual trust in the system of international financial transactions ^{[11, p. 93]}.

In the process of adapting to the sanctions pressure, the Russian economy demonstrates significant potential for technological transformation of the payment infrastructure. Despite the initially destructive impact of restrictive measures, noted in the research of N. A. Chernysheva and A. A. Chernyshev, there is an intensification of the development of national fintech solutions. It is noteworthy that the creation of an autonomous Financial Messaging System (SFMS) as an alternative to SWIFT indicates the formation of an independent financial architecture. A significant factor in stabilization is the diversification of foreign economic relations with states that have not joined the sanctions regime, as well as the expansion of the practice of using national currencies in international settlements, for example:

1. Cooperation between Russia and China. There has been a significant shift in trade relations between China and the Russian Federation towards the use of their own monetary units ^[12]. To simplify mutual settlements, a special system has been developed that allows avoiding the US dollar during transactions. Chinese enterprises are increasingly purchasing energy resources for yuan, while Russian businesses are willing to use Chinese currency when buying products from China. The significant growth of national currencies in bilateral trade is especially noticeable in the energy sector, which has traditionally been dominated by dollars.

2. BRICS and settlements in national currencies. Reducing the dollar's dominance in international settlements has become a key goal for the BRICS alliance, which includes five major economies: the Republic of South Africa, the People's Republic of China, the Russian Federation, India and Brazil. The members of the association are already taking concrete steps to expand the use of their own monetary units in trade operations, focusing on the industrial sector, the agricultural sector and the energy sector. An ambitious project is on the agenda – the formation of a common currency for mutual settlements between the member states of the bloc ^[13].

3. India's role in promoting the rupee. In an effort to strengthen the position of the national currency, the Central Bank of India is introducing special tools to expand trading operations in rupees. The country is successfully implementing its plans to use the local currency in global trade, which is especially noticeable in transactions with African states and the South Asian region ^[14]. A striking example of this policy was the transition to rupee payments for purchases of Russian crude oil.

4. Expanding the use of the yuan in global trade. The global financial system is undergoing significant changes due to the growing influence of the Chinese currency. China's creation of the CIPS international payment system has opened up new opportunities for transactions in yuan ^[15]. A large-scale network of currency swap agreements covering numerous countries on three continents, from Latin America to Africa and Asia, has allowed these countries to move away from dollar settlements in favor of the Chinese currency, strengthening the yuan's position as a serious player in the global foreign exchange market.

5. Agreements between Russia and Turkey. In order to minimize sanctions pressure and reduce currency risks, Ankara and Moscow have agreed to expand mutual settlements in national currencies. In particular, the Turkish side is already making payments for imported fuel in Russian currency, which is in the interests of both countries ^[16].

6. Iran and the use of the rial. Under the conditions of sanctions pressure, the Islamic Republic of Iran is increasingly switching to the use of local monetary units in international trade ^[17]. Yuan, rubles and rupees are gradually replacing the US dollar when paying for Iranian hydrocarbons, especially in transactions with China, Russia and regional trading partners.

In the current realities of global transformations, there is a significant reformatting of the international monetary architecture. The BRICS countries are actively promoting initiatives to reduce the hegemony of the US dollar, while states such as Turkey, India and Iran are intensively introducing their own monetary units into international circulation. The development of the Russian-Chinese partnership is particularly significant, where transactions are increasingly conducted in rubles and yuan. A key factor in the transformation is the creation of alternative payment mechanisms – for example, the Chinese CIPS system promotes the internationalization of the yuan and the formation of new settlement schemes. All these processes, combined with the expansion of swap agreements between countries, lead to a gradual weakening of dollar dependence and a more even distribution of forces in the global foreign exchange market, which is especially important in the context of sanctions pressure.

These processes contribute to strengthening economic sovereignty and reducing dependence on external financial institutions in the long term.

Thus, the analysis of statistical data shows the scale and consequences of the restrictions imposed on international financial transactions in Russia.

First, sanctions pressure and international isolation have led to a large–scale outflow of foreign capital from Russia - the volume of foreign direct investment has collapsed by 90% in 2022, according to UN statistics. The country's financial sector is under serious strain due to the slowdown in economic growth caused by the restrictions. Analysts emphasize that economic indicators show negative dynamics - GDP fell by 2.2% by the end of 2022, and each new package of restrictive measures only worsens the situation with the investment climate.

Secondly, the disconnection from SWIFT has led to a serious crisis in international payments for Russian businesses. Companies have lost the opportunity to conduct their usual trading operations with foreign counterparties, which has resulted in large-scale problems for the economy. Statistics show a catastrophic drop in cross-border transactions - their volume collapsed by more than 40% after the introduction of restrictions on the Russian banking sector to work in the international money transfer system.

In response to the sanctions pressure, Russia's payment system underwent a major transformation. By 2023, half of all international transactions will be carried out in rubles and yuan, which demonstrates the successful development of financial independence. The dynamics of the use of the Russian SPFS system is particularly significant – the volume of transactions through it increased sevenfold in 2022. Trade relations with Asian partners, in particular with India and China, are increasingly based on national currencies, which is clearly evident in the data of foreign trade statistics. This indicates the effective construction of an autonomous financial ecosystem.

The Bruegel Institute's research has demonstrated the urgent need for the Russian financial sector to create innovative payment mechanisms. The growing costs of international transactions and the threat of sanctions pressure dictate the need to form alternative payment systems. The development of flexible cross-border instruments capable of ensuring financial independence and protecting cash flows from external influences is becoming a priority. This issue requires a thorough analysis of the effectiveness of new solutions to maintain the stability of the Russian financial system.

In the light of the increasing Western confrontation, these factors are becoming crucial, which is clearly reflected in statistics and specific situations.

As a result of the scientific analysis, the Bruegel Research Institute (EU) concluded that the main strategic objective of restrictive economic measures implemented by Western countries is to create barriers to the integration of the Russian Federation into the global financial system. This policy, according to the conclusions of European analysts, is aimed at destabilizing the internal economic processes in the country by restricting access to international financial instruments. The report "Financial Isolation as a Tool of Sanctions" emphasizes that measures related to the restriction of cross-border transactions worsen the ability of Russian companies and banks to attract capital and service external obligations ^[18].

At the same time, an analysis of the effectiveness of Western sanctions mechanisms against the Russian economic system demonstrates their limited effectiveness. The study shows that, despite the restrictions imposed on access to international financial instruments, the Russian economic model has shown a significant degree of adaptability. In particular, there is an intensification of economic cooperation with Asian partners, primarily with China and India, which partially negates the negative effects of sanctions pressure. A significant factor in sustainability is the development of the national financial infrastructure, including the modernization of the Moscow Stock Exchange, as well as the implementation of import substitution programs. These circumstances allow us to conclude that the assumptions about the critical impact of sanctions on Russia's financial and economic stability are insufficiently substantiated.

The implementation of sanctions restrictions on cross-border financial transactions has a negative impact not only on the Russian banking sector, but also on the financial institutions of partner countries. In particular, banking organizations in countries such as China, India and the Republic of Turkey, despite their neutral or benevolent position, are exposed to significant risks of applying secondary restrictive measures to them. However, these restrictions contribute to the formation of new financial and economic mechanisms, including the activation of settlements in national monetary units and the development of decentralized economic relations, which in the long term significantly reduces the effectiveness of sanctions tools.

In the context of the transformation of the international financial architecture, the scientific community of China, in particular, representatives of the academic circles of Peking University, led by Professor Zhang Jia, focus on the need for structural modification of the global system of interbank transactions. This modification involves the implementation of alternative payment mechanisms, such as the Chinese CIPS system, and the intensification of the use of national currencies in international settlements. However, a significant limiting factor in the development of Russian-Chinese financial cooperation is the prevailing risk-based approach among Chinese banking institutions, due to the potential threat of extraterritorial sanctions from Western regulators ^[19].

Also, according to research conducted at Ankara University under the leadership of Murat Yıldız, a leading economist, the financial institutions of the Republic of Turkey demonstrate an ambiguous position regarding economic cooperation with the Russian Federation. Despite the prevailing trend towards minimizing direct banking operations due to potential sanctions risks, individual financial organizations carry out transactional activities through multi-level intermediary schemes and decentralized cryptocurrency platforms. This situation reflects the general geopolitical strategy of Turkey, characterized by balancing between the Western and Russian vectors of foreign policy ^[20].

Thus, there is a significant transformation of the international financial architecture due to the implementation of restrictive measures in relation to the Russian banking sector. The study shows that Russia's disintegration from the SWIFT system and the introduction of cascading sanctions mechanisms determine a multiplier effect affecting not only the national financial system, but also the economic interests of partner countries. The analysis of empirical data indicates a significant increase in transaction costs, a decrease in international credit confidence and a significant reconfiguration of cross-border financial flows, which initiates a fundamental revision of existing paradigms in the field of international banking and interbank relations.

In the light of modern geopolitical realities, there is a tendency towards the formation of innovative financial and technological solutions both within the Russian Federation and in the international arena. This transformation of payment mechanisms can significantly negate the effectiveness of external restrictive measures and stimulate a fundamental rethinking of the existing architecture of global settlements. These processes also determine the development of a diversified system of cross-border operations.

Alternative cross-border settlement mechanisms under sanctions pressure: strategies and implementation challenges

Numerous studies of the expert community both on the territory of the Russian Federation and abroad demonstrate a consolidated position regarding the priority of forming a diversified financial transaction system as a tool for leveling sanctions pressure. Some possible strategies include:

1. Expanding the use of national currencies. Studies of modern economic processes demonstrate that the diversification of payment instruments through the use of national currencies of friendly states (yuan, rupee, Turkish lira) It helps to reduce external pressure on the financial infrastructure of the Russian Federation. According to the position of representatives of the legislative power, in particular, Deputy Chairman of the relevant Committee of the State Duma of the Russian Federation M. Delyagin, this transformation of payment mechanisms serves as a catalyst for strengthening the economic sovereignty of partner states. At the same time, it should be noted that the implementation of such financial transformations is associated with the need to form trust-based interstate relations and requires significant time to achieve optimal results.

2. Using alternative systems. There is a tendency to diversify financial communication channels. An analysis of the existing alternative mechanisms of interbank interaction shows that the Chinese system of cross-border interbank payments (CIPS) has a wider potential for global application in yuan transactions, but its implementation is associated with the need for significant restructuring of economic and trade parameters. In turn, the Russian Financial Messaging System (SPFS), despite its active promotion as an alternative instrument for international settlements, is characterized by a limited coverage of participants ^[21], which significantly narrows its functionality.

3. Cryptocurrencies and blockchains. In the context of modern international restrictions, there is a tendency to increase the importance of digital assets as an alternative financial instrument ^[22]. Research shows that decentralized payment systems such as Bitcoin and USDT stablecoins can serve as a potential mechanism to overcome economic barriers. Nevertheless, scientific analysis indicates that there are significant risks associated with the implementation of cryptocurrencies in international trade, including high exchange rate volatility, imperfect regulatory framework, and limited recognition of these assets as legitimate means of payment.

The geopolitical situation demonstrates a significant transformation of the international financial architecture due to restrictive measures regarding the cross-border movement of capital. The implementation of alternative financial mechanisms, including the use of national currency instruments, digital financial assets and innovative payment systems, seems to be a promising area of adaptation to new economic realities. At the same time, the current sanctions regime initiated by Western states determines a set of negative consequences, expressed in escalating transaction costs and reducing the level of trust between participants in the international financial market. It should be noted that the process of developing effective countermeasures requires significant time and resource costs, as well as consolidating the efforts of partner countries on a global scale.

In practice, the classical mechanisms of international money circulation have demonstrated significant functional limitations. Empirical studies show that individuals and legal entities engaged in cross-border transactions face unprecedented challenges in the context of the availability of conventional payment instruments, due to a multi-level system of sanctions barriers from various states ^[23]. Currently, the following approaches are actively used.

Firstly, the traditional use of the banking sector of the economy ^[24]. Cross-border financial transactions are carried out through leading systemically important credit organizations, among which the largest financial institutions of national importance stand out. The functioning of these organizations in modern conditions is characterized by certain operational limitations, including partial or complete blocking of certain types of international transactions. In particular, significant difficulties are observed when conducting trading operations with counterparties from Western jurisdictions, due to existing regulatory barriers.

At the same time, financial institutions of foreign countries, including representatives of loyal jurisdictions, demonstrate systemic avoidance of processing transactions of Russian origin. This phenomenon is caused by potential second-order restrictive measures that can be applied to banking institutions that process such payment transactions. It is particularly noteworthy that even credit organizations of states that maintain a neutral position in international relations follow this policy of restrictions ^[25].

The need to develop new mechanisms for international money circulation is due to the implementation of restrictive measures against financial and credit institutions. These circumstances determined the search for innovative solutions in the field of cross-border capital movement.

Secondly, the use of foreign banks. An analysis of the activities of financial institutions revealed the transformation of the mechanism of international transactions, where banking structures with foreign capital participation have taken a dominant role. Despite continuing to operate in the Russian market, organizations such as Deutsche Bank, Citibank, HSBC and others have modified their operating models to meet the restrictions imposed. At the same time, their clients' cross-border transactions are subject to similar limiting factors typical of the entire banking sector.

Thirdly, the use of alternative payment routes through financial institutions of states that are not subject to sanctions restrictions. Such jurisdictions include Asian and Middle Eastern countries, as well as a number of other independent states, for example, Turkey, Serbia, China, India, the UAE, etc. However, this mechanism involves significant risks and costs. In particular, the time and financial burden on transactional operations is increasing. Moreover, correspondent banks acting as intermediaries may be subject to secondary sanctions, which carries a potential threat of blocking funds and termination of the payment channel ^[26].

Fourth, the use of decentralized payment instruments, in particular, digital assets. At the same time, the regulatory uncertainty of the status of cryptocurrency transactions creates potential legal risks for market participants. At the same time, statistics show a steady increase in the number of users of alternative payment systems such as Bitcoin and Ethereum, especially in the field of cross-border transactions ^[27]. This situation raises the issue of the need for legal regulation of the cryptocurrency sector.

Russian legislation regulating the turnover of digital financial assets establishes a limited legal regime for cryptocurrency transactions. Despite the general legalization of cryptocurrencies, their functional use is strictly regulated. Thus, trading operations (purchase, sale and conversion) are allowed, but use as a payment instrument is prohibited by law (Federal Law "On Digital Financial Assets") ^[28]. This regulatory restriction excludes the possibility for business entities to carry out commodity and monetary transactions using cryptocurrencies.

Other disadvantages of using cryptocurrencies in international trade by Russian organizations:

1. Regulatory measures provide for comprehensive restrictions on access of domestic legal entities and individuals to international trading platforms specializing in operations with digital assets and currency instruments. These restrictive mechanisms apply to interaction with foreign exchange platforms that trade cryptocurrency assets and conduct conversion operations.

As a result of regulatory restrictions aimed at preventing circumvention of the sanctions regime, leading cryptocurrency services have stopped serving customers from certain jurisdictions ^[29]. Customer verification and anti-money laundering (KYC/AML) procedures on international trading platforms significantly complicate cross-border transactions for organizations from sanctioned countries. Restrictive measures on the part of large cryptocurrency exchanges in 2022 led to a significant increase in the costs of financial transactions ^{[30, p. 50]}. Increased attention to clients from individual jurisdictions creates additional barriers when using the international cryptocurrency infrastructure, making both trading operations and asset withdrawal processes more difficult.

2. The existing regulatory framework is characterized by a significant number of conflicts and gaps in the regulation of financial and economic relations. The issue of legal uncertainty in the field of fiscal policy, foreign economic activity and financial monitoring is becoming particularly relevant. The imperfection of legislative mechanisms creates significant obstacles to the effective implementation of regulations governing taxation, customs administration and countering the legalization of criminally obtained income.

The lack of a legal status of cryptocurrencies as a means of payment in national legislation generates a number of significant legal contradictions ^[31]. The most acute problem is the uncertainty of the tax administration mechanisms for cross-border transactions involving digital assets. The current regulatory framework, including regulatory documents in the field of digital finance, does not provide a sufficient legal basis for the correct customs clearance and fiscal accounting of foreign trade transactions using cryptocurrency instruments. This legal vacuum creates significant restrictions for subjects of foreign economic activity when carrying out export-import operations using cryptocurrency payments.

3. The regulation of cryptocurrency transactions demonstrates significant jurisdictional heterogeneity on a global scale.

An analysis of the regulatory regimes of various states reveals diametrically opposed approaches: from the full integration of crypto assets into the financial system to the absolute prohibition of transactions with them. A typical example is the US legislation classifying cryptocurrencies as taxable assets, as opposed to the Chinese model of a total ban on cryptocurrency transactions ^[32].

The differentiation of regulatory requirements creates significant operational barriers for cross-border commercial activities. In particular, there is an inconsistency between taxation and declaration mechanisms: some jurisdictions require the mandatory conversion of crypto assets into fiat currencies for fiscal purposes, while others impose strict reporting requirements. This regulatory fragmentation is particularly relevant in the context of the interaction between the Russian and European legal systems, which significantly complicates the integration of domestic enterprises into international markets.

4. In the process of conducting international trade operations using anonymous cryptocurrency systems such as Monero, there is a significant problem of counterparty verification. The opacity and decentralized nature of cryptocurrency transactions create favorable conditions for the functioning of fictitious organizations and the implementation of fraudulent schemes. An illustrative precedent is the OneCoin cryptocurrency pyramid, as a result of which a significant number of economic entities, including representatives of Russian businesses, suffered financial losses due to insufficient identification of partners ^[33]. This phenomenon demonstrates the critical importance of implementing comprehensive validation mechanisms for participants in cryptocurrency transactions to minimize the risks of unfair behavior in international trade.

5. There are significant risks for market participants in the process of international trade operations involving cryptocurrency payments. Statistics published by researchers at the University of Cambridge in 2023 demonstrate that about 40% of cryptocurrency transactions are characterized by an uncertain origin of funds. This circumstance creates significant obstacles to foreign economic activity: foreign counterparties show increased caution when interacting with organizations using cryptocurrency instruments, fearing their possible connection with illegal financial transactions. As a result, there is a tendency to refuse to establish business relationships with companies whose cryptocurrency assets raise suspicions of involvement in illegal activities.

When dealing with cryptocurrency transactions, there are significant reputational and financial risks. The analysis shows that economic entities are subject to potential sanctions and monetary penalties, especially in cases where transactions are associated with illegal activities, including drug trafficking and support for terrorist organizations ^[34].

6. The high degree of volatility of cryptocurrency exchange rates poses a significant threat to the economic stability of participants in international trade operations. Empirical studies, including those confirmed by Nobel Prize winner R. Shiller, demonstrate an unprecedented level of Bitcoin volatility compared to traditional fiat currencies ^[35]. In the context of the foreign economic activity of Russian enterprises, this factor creates significant financial risks due to the time interval between the acquisition of digital assets and their use to fulfill contractual obligations. Unfavorable dynamics of exchange rate fluctuations in the specified period can lead to significant financial losses during transactions.

During the financial analysis, it was revealed that the volatility of the cryptocurrency market had a significant negative impact on international logistics operations. In particular, the significant devaluation of bitcoin caused multimillion-dollar losses in transactions with Chinese counterparties, as a result of which one of the world's largest carriers (Maersk) was forced to terminate the pilot program for the introduction of cryptocurrency payments in 2021.

7. The lack of infrastructure for cryptocurrency transactions is a significant obstacle to the development of international trade. An analysis of the global distribution of cryptocurrency services demonstrates a significant disparity in the availability of basic tools, including electronic wallets, trading platforms, and processing systems. A particularly acute shortage is observed in developing regions - the States of the African continent, the countries of the East Asian region and the territories of Latin America. An illustrative example is the situation in Nigeria, where, with a significant level of adaptation of cryptocurrencies, there is a critical lack of technological infrastructure for foreign trade operations ^[36]. This circumstance forces foreign counterparties, in particular Russian companies, to make additional investments in the development of local payment solutions, which significantly increases transaction costs in the implementation of foreign trade activities.

Fifth, in the modern financial ecosystem, a significant role is played by decentralized trading platforms operating on the principle of peer-to-peer interaction (for example, LocalBitcoins, Paxful, etc.). These platforms, including various specialized services, enable currency conversions and cross-border transactions, bypassing traditional banking institutions ^[37]. Such systems represent an alternative mechanism for financial interaction based on direct transactions between market participants.

However, this method has the following problems:

1. National legislative initiatives in the field of regulation of decentralized financial instruments are characterized by a dynamic nature, which creates significant legal risks for market participants. The regulatory framework governing the functioning of P2P platforms and operations with digital assets is subject to frequent modifications, making it difficult to form stable interaction models. Stricter requirements for user identification and possible legislative restrictions on the platform's activities are key factors of uncertainty in this sector ^{[38, p. 22]}.

2. International financial transactions are subject to significant restrictions when interacting with States included in the sanctions lists. The established regulatory barriers create significant obstacles to the implementation of cross-border payments between jurisdictions subject to restrictive measures. As a result of the sanctions regime, there is a risk of temporary or permanent unavailability of funds, including the potential blocking of bank accounts of participants in transactions. The exclusion of certain territories from the list of acceptable money transfer destinations significantly complicates the implementation of international financial transactions ^[39].

3. In the process of functioning of decentralized trading systems, there is a significant vulnerability to illegal actions on the part of transaction participants. Despite the possibility of direct transactions between counterparties, peer-to-peer digital asset exchange platforms demonstrate a high degree of exposure to various types of financial fraud. Malefactors regularly implement illegal schemes, including forgery of payment documents, evasion of financial obligations and falsification of data, which creates significant operational risks for bona fide participants in the system ^[40].

4. A significant risk factor in the field of cryptocurrency transactions is the centralized storage of digital assets on platform wallets. This practice creates potential security failure points, as infrastructure vulnerabilities or targeted hacker attacks can lead to the irretrievable loss of user funds. A comprehensive analysis shows that the concentration of assets within a single ecosystem significantly increases the risks associated with compromising the cryptographic key management system. ^[41].

5. During the operation of information systems, technical problems of various kinds often arise that prevent the correct functioning of the software. Of particular relevance is the problem of service availability disruption due to increased load on the server infrastructure ^{[42, p. 132]}. These incidents may lead to temporary blocking of user accounts and critical delays in financial transactions. Such technical incidents are typical even for large-scale information platforms with a developed IT infrastructure, due to the complexity of the technological solutions used.

6. The complexity of user interaction with the interface can significantly affect the correctness of the operations performed. The lack of intuitiveness of the navigation elements and the confusing structure of the functional components create prerequisites for the occurrence of critical errors during transactional processes. This issue is especially relevant in the context of decentralized trading systems, where incorrect entry of banking details or erroneous routing of financial flows can lead to the irretrievable loss of assets.

7. Problems with user support, representing insufficient support from the Paxful technical support service, which may complicate the solution of problems, etc.

Sixth, the inefficiency of the customer service of electronic trading platforms is manifested in the slow processing of requests, which creates significant risks in the resolution of incidents, security and operational failures. As an alternative mechanism for commodity-money relations, it is advisable to consider barter transactions that eliminate the need for financial transactions and minimize the associated risks in the process of exchanging tangible assets and services.

Seventh, cash settlement as a method of financial transactions involves a set of significant limitations and risks. The analysis of this payment method reveals a number of critical shortcomings in its practical implementation. The main determining factor is the high cost of related operations, including transportation costs and reservations for temporary stays in foreign locations. Additional financial costs arise when converting foreign currency, where there is a significant difference between the rates of cash and non-cash transactions. A significant negative aspect is the vulnerability of cash to illegal actions during its transportation and short-term storage. These circumstances significantly reduce the efficiency and security of cash payments as a financial settlement tool.

Transportation of significant amounts of cash is associated with significant physical limitations in terms of weight and size. The current regulatory requirements provide for mandatory declaration and verification of the origin of large sums of money when they are moved, which is due to the need to comply with legislation in the field of countering the legalization of proceeds from crime.

As a result of the analysis, it was found that there are no effective mechanisms to ensure the sustainable functioning of cross-border payment transactions. A comprehensive study of existing payment instruments has revealed systemic weaknesses that hinder their reliable use. Among the key limiting factors identified are: legal uncertainty, infrastructure deficits, sanctions restrictions and risks of illegal actions. The presented alternative solutions, including traditional banking institutions, cryptographic assets, peer-to-peer systems, and commodity exchange operations, demonstrate significant functional limitations. The identified shortcomings cause significant transaction costs and do not allow us to guarantee the security of cross-border transactions in the long term.

In the current economic environment, it is necessary to develop alternative mechanisms for cross-border monetary transactions, since existing circumstances create significant obstacles to the implementation of foreign economic activity by entities and individuals.

Cross-border trade mechanisms under sanctions pressure: a settlement model based on national currencies

An innovative approach to the organization of international trade operations involves the formation of a specialized exchange infrastructure operating on the basis of national currency systems. This concept eliminates the need for traditional cross-border transactions by creating an alternative settlement mechanism. The key element of the proposed system is direct commodity exchange, implemented through authorized operators providing logistical support and physical delivery of goods. The proposed model makes it possible to effectively overcome existing restrictions in international settlements by localizing financial flows within national jurisdictions while maintaining cross-border commodity movement.

The developed mechanism demonstrates a significant increase in the economic security of participants in foreign trade operations. Risk minimization is achieved by eliminating dependence on foreign payment infrastructures. The introduction of an alternative settlement system, despite the need to adapt the regulatory framework and form new economic relationships, ensures the optimization of transaction costs. Confidentiality of information and protection from external influences are achieved through the autonomy of the created financial circuit, which eliminates potential restrictive measures against participants in trading operations. The system is schematically shown in Figure 1.

Figure 1 – Payment system for goods in international trade based on national currencies

The analysis of the mechanism of foreign trade settlements using domestic monetary units demonstrates the dualistic nature of this approach, which includes both positive and negative aspects of implementation.

Advantages of the model:

1. The use of national currencies.

A significant reduction in transaction costs associated with foreign exchange transactions by eliminating intermediate conversion stages. This optimization of financial flows provides a significant increase in autonomy from the reserve currencies of the leading world powers, which is particularly relevant in the context of external restrictive measures.

2. Improving settlements through internal exchanges.

Interstate clearing operations make it possible to optimize financial flows by mutually compensating claims and obligations, minimizing the physical movement of assets. Exchange institutions, acting as a centralized clearing agent in their respective jurisdictions, ensure the structuring and ordering of settlement mechanisms.

3. Increasing economic independence.

The application of this methodology ensures an increase in the stability of local monetary units in the global financial system, while minimizing the external economic impact of foreign market factors.

4. Simplification of trade relations with partners.

The efficiency and efficiency of exchange operations is achieved through the implementation of a unified system of mutual recognition, which ensures optimal speed of transaction processes within the established mechanisms of operation.

Disadvantages and limitations of the model:

1. Dependence on the stability of national currencies.

The volatility of exchange rates and the monetary instability of local monetary units create significant obstacles to long-term financial planning. High inflation risks and exchange fluctuations of national currencies lead to increased uncertainty in the inter-country economic interactions of counterparties. The unpredictable dynamics of currency quotations between jurisdictions significantly complicates the processes of forecasting and strategic planning of business activities.

2. Difficulties in organizing the interaction of exchanges.

The implementation of information interaction mechanisms between trading platforms A and B in the context of clearing operations involves significant technical difficulties. The implementation of a reliable data exchange system involves a comprehensive solution to a number of technological challenges and requires the elaboration of a regulatory framework to ensure transparency and security of inter-exchange communications.

3. Limitations on scalability.

The analysis of currency interactions revealed a significant correlation between the number of participants in trading operations and the effectiveness of the use of national monetary units. In particular, it was found that maximum efficiency is achieved exclusively with binary interaction of counterparties, whereas multilateral transactions demonstrate significant limitations in the context of using local currencies.

4. Risks of currency imbalances.

An imbalance in the volume of commodity purchases between counterparties creates financial obligations, the settlement of which requires going beyond monetary instruments limited by the national currency system.

5. Dependence on the political situation.

Interstate offsetting operations and commodity exchange processes are subject to significant risks of destabilization due to the emergence of political and economic contradictions between participants in foreign economic activity.

6. The need to develop financial infrastructure.

Modern financial monitoring mechanisms, along with a well-developed exchange infrastructure and efficient banking systems, are prerequisites for both parties involved. These institutional components must comply with current international standards and ensure an appropriate level of control over financial transactions.

The main limitation of the proposed scheme is the need for comparable volumes of incoming and outgoing flow of goods between the two countries, otherwise there is a need to cover the balance of payments. However, given the fact that the proposed scheme is an alternative to other methods of organizing cross-border trade, there is no need to regulate the volume of commodity flows, since if there is a bias, transactions under this scheme by the amount of its excess will not be registered by the system due to the lack of demand (supply) from counterparties in another country. Accordingly, in this case, the participant can use alternative payment methods for the goods, either wait until his offer is competitive, or change the conditions to create the interest of counterparties.

At the same time, this model of calculations based on commodity exchange has the need to cover the balance (balance) in conditions of unequal trade volumes or differences in the value of exported and imported goods. Compensation proposals through reserve currencies, commodities, or additional monetization remain only partial solutions. These tools may be effective in the medium term, but they do not exclude the occurrence of systemic risks.

However, the adaptability and versatility of the developed concept allows us to find individual solutions for each specific situation. In particular, the system is able to overcome imbalances in mutual settlements between states, even when their foreign trade flows vary significantly in volume. This makes it applicable despite the limitations of traditional compensation mechanisms, for example:

1. Integration of the mechanism of compensation of currency imbalance.

To smooth out the imbalance in foreign trade, it is proposed to create a system of special funds accumulating excess profits from exports. If there is a shortage of funds, you can resort to the help of international financial organizations that will provide affordable loans and loans as temporary support.

2. Using reserve assets or indexing.

When setting prices for transactional transactions, it is recommended not to focus on individual national monetary units, but to use an integrated approach. It involves linking to various exchange-traded commodities, such as precious metals and energy resources, as well as to diversified currency portfolios. This technique makes it possible to reduce dependence on the volatility of specific currencies.

3. Exchange and clearing settlement technologies.

The centralized platform allows you to create a system of mutual settlements between trading platforms of different countries. If there is an imbalance in supply volumes between countries A and B, it is possible to use compensation mechanisms through long-term contracts for the supply of financial instruments or raw materials. This approach to clearing provides flexibility in offsets and effective accounting of all obligations of participants in inter-exchange trading.

4. Maintaining liquidity through cross-border bonds.

To solve the problem of temporary settlement imbalances, states will be able to issue short-term exchange-traded debt instruments in their national monetary units.

5. Establishment of special quotas and limits.

The regulation of unbalanced trade operations is achieved by introducing export-import restrictions based on an analysis of financial inequality between partners. This approach helps to establish an optimal balance of obligations and prevents economic imbalances between the parties to the transactions.

6. Automation of balance of payments forecasting processes.

Financial institutions can be quickly deployed thanks to AI systems that analyze and identify potential trade imbalances. This approach makes it possible to prevent serious currency crises in advance by monitoring commercial flows using intelligent algorithms.

7. Attracting foreign currency to balance balances.

When implementing the new system, partial use of world-class reserve currencies is acceptable, although the main task is to switch to local monetary funds. This will help to smooth out temporary imbalances during the transformation period.

Thanks to the changes made, it will be possible to create a more reliable system capable of working effectively with both bilateral and multilateral trade transactions. This will help minimize the existing disadvantages of the calculation model and provide opportunities for expansion of operations without loss of stability.

The effectiveness of the model under consideration is most evident in the economic interaction of states with similar macroeconomic indicators and stable monetary systems. The integration of compensation instruments, including the use of reserve currencies or commodity assets, as well as the modernization of the exchange infrastructure can offset existing restrictions. Significant difficulties arise when implementing this system in conditions of economic asymmetry of participants or when scaling to multilateral trade relations.

Moreover, a comparative analysis has shown that the proposed scheme differs from the barter system and most traditional international trade mechanisms in several key aspects (table 1).

Table 1 – Comparative analysis of the barter system from the proposed one

In the context of sanctions restrictions, flexible structuring of international trade is of particular importance. Traditional barter, being overly centralized and inflexible, is unable to effectively solve modern problems due to the lack of a monetary component. The innovative methodology of financial interaction described in this paper opens a fundamentally different path. It integrates advanced financial management and strategic planning tools, forming a qualitatively new paradigm of economic relations.

Within the framework of the functioning of international economic relations, it is advisable to consider the formation of specific trading platforms at the national level. The key aspect of this concept is the definition of the organizational and legal form and mechanisms of administrative regulation of these institutions. It is assumed that such exchange platforms can serve as an effective tool for optimizing interstate financial transactions in the face of external restrictive measures, providing transparency and simplification of settlement procedures between jurisdictions subject to economic impact ^[43].

Software for processing contract information and related data is a priority investment object in the exchange infrastructure. Minimizing government regulation is achieved by transferring ownership rights to private investors who finance the development and operation of the trading platform. This model provides increased operational efficiency and significantly reduces the likelihood of secondary restrictive measures against the exchange platform. The decentralized ownership structure and independence from government institutions make it possible to optimize risk management mechanisms and adapt trading processes to changing market conditions.

The analysis of the functioning of the exchange infrastructure demonstrates the complex nature of its monetization. The key element of the revenue component is commission payments for the provision of infrastructure services. An essential aspect of the monetary and financial architecture of exchange trading is the implementation of contracts with a specific currency structure. An additional source of financing is information and analytical support for stakeholders, including data on cross-border trade transactions. The integration of calculation and analytical functions makes it possible to characterize the exchange as a multifunctional institution of foreign economic activity.

In the course of cross-border transactions, it is possible to convert foreign currency using various conversion mechanisms, including the official exchange rates of central banks or alternative methods specified in the contractual documentation. The functionality of the exchange system provides both direct interaction through the trading platform and the autonomous conclusion of transactions with subsequent settlement operations. This methodology significantly expands the potential customer base by integrating representatives of small and medium-sized businesses from both jurisdictions. The variability of the currency component in the pricing structure helps optimize risk management at all stages of the contract cycle, providing participants with advanced tools for hedging currency positions.

The introduction of a depository pre-payment mechanism is an effective risk management tool in the exchange operations system. At the same time, funds are accumulated in a specialized account until the completion of export procedures, which significantly reduces the likelihood of non-fulfillment of contractual obligations by counterparties. The exchange infrastructure, integrating the functions of the settlement and clearing system with the transaction support mechanism, forms a complex architecture of trusting relationships between bidders. This model helps to increase the level of mutual confidence of market operators in the reliability and transparency of trading operations.

The multilevel trading regulation system ensures effective maintenance of the balance of the exchange space through a set of stabilization mechanisms. Compensation for the shortage of foreign exchange is carried out through their purchase on the open market, which is one of the key tools for balancing trade flows. An additional regulatory element is the mechanism for the implementation of specialized rights to purchase goods in foreign currency, ensuring the stability of the exchange rate and the predictability of settlement transactions. These tools make it possible to neutralize potential imbalances between export and import transactions within the framework of international trade interactions.

In the context of modern economic challenges, the concept of special cross-border trading platforms has been developed. This system is designed to ensure the continuity of critically important foreign economic processes while maintaining a balance between international regulatory requirements and the need to maintain stability in strategic industries. The proposed mechanism demonstrates effectiveness in the face of external constraints, contributing to maintaining economic stability and minimizing regulatory risks.

Conclusion

The impact of external restrictive measures on the financial sector has led to a significant transformation of the mechanisms of international cooperation. An analysis of the current situation shows that the introduction of barriers in the field of cross-border capital movement and the restriction of access to traditional interbank communication channels have significantly modified the operating environment of financial institutions. Despite the increased transaction costs and reduced efficiency of classical international settlement mechanisms, the adaptive capabilities of the national economy have made it possible to develop alternative solutions that ensure the preservation of the functionality of the financial system in the face of external constraints.

The transformation of payment mechanisms and financial infrastructure is a crucial element in ensuring the sustainability of foreign economic transactions and maintaining economic sovereignty in the face of external constraints. The introduction of alternative settlement instruments, including a financial messaging system, integration with cross-border platforms, and the use of digital currency solutions, demonstrates partial effectiveness in overcoming barriers to international transactions. At the same time, the implementation of new financial mechanisms involves significant operational costs, regulatory constraints and potential risks for participants in foreign economic activity, which necessitates the need for further optimization of these tools.

The analysis of modern financial mechanisms demonstrates the effectiveness of the formation of autonomous payment systems using local currency instruments within the framework of bilateral trade interactions. The integration of specialized exchange platforms based on the principles of transparency and adaptability contributes to the intensification of international economic cooperation and the expansion of the membership. This methodology provides mitigation of the risks of external sanctions pressure and a significant increase in the level of financial sovereignty, while minimizing dependence on traditional global settlement infrastructures.

A comprehensive analysis of the current situation demonstrates the need for a multidimensional transformation of financial and economic mechanisms. The priority development vectors are the modernization of the domestic financial infrastructure and technological improvement of payment systems in order to increase their competitiveness at the international level. The intensification of cooperative ties within alternative economic associations, in particular with the BRICS countries, as well as the formation of new partnerships with neutral countries, is becoming essential. The implementation of these areas requires the consolidation of resources from the public sector, private capital, and the research community.

The analysis of the transformation of international settlements revealed a significant restructuring of financial flows. The study demonstrates the intensification of the use of national currencies in cross-border transactions while reducing dependence on traditional reserve currencies. At the same time, there is an active introduction of innovative technological solutions in the financial sector, including distributed registries and digital financial assets, while complying with regulatory regulations and taking into account market fluctuations.

The results of the study indicate a high degree of resistance of the economic system to external constraints of the payment infrastructure. Moreover, a positive correlation has been found between the restrictions imposed and the development of the internal financial architecture. These processes have catalyzed a scientific discussion about the need to modify the existing global financial system and its fundamental principles.

Scientific discourse has established that the formation of specific mechanisms for interstate transactions and the diversification of currency instruments in bilateral commerce demonstrate significant potential for ensuring macroeconomic stability. Empirical analysis shows that the introduction of alternative payment systems and monetary instruments contributes to strengthening financial and economic sovereignty, leveling exogenous restrictions and designing innovative trajectories in the architecture of cross-border money circulation.

The increase in scientific knowledge and practical usefulness associated with the research presented in the presented text can be considered in several key aspects that emphasize the importance of the work in both theoretical and practical contexts.

To begin with, this study focuses on the creation and justification of alternative cross-border settlement mechanisms under the conditions of sanctions pressure, which is an urgent topic in the light of modern geopolitical realities. These mechanisms are aimed at minimizing the negative consequences of the impact of sanctions restrictions, which makes it possible to significantly expand the theoretical base of research in the field of international financial relations. While many previous works focus on the negative impact of sanctions, the current work offers proactive solutions, which creates a new perspective for research.

Theoretically, the work enriches existing knowledge about sanctions mechanisms, financial independence, and potential alternative payment systems. The use of innovative approaches, such as the use of local currencies and specialized exchange platforms, expands the horizons of research on international trade and financial transactions. This can lead to revolutionary changes in the understanding of the dynamics of the global economy, especially in the context of the interaction of countries subject to external constraints.

From a practical point of view, the study provides a significant methodological basis for the development and implementation of new tools that can be directly applied to enhance the sustainability of national financial systems. For example, the proposed settlement mechanisms through the financial messaging system create the opportunity to form a more secure and stable financial infrastructure, reducing dependence on traditional Western services such as SWIFT. These new approaches can be implemented both at the level of government agencies and the private sector, which will make the economy more flexible in conditions of instability.

In addition, the work demonstrates the need for analysis and adaptation to the changing conditions of the international financial environment, which increases the importance of scientific analysis in a rapidly changing geopolitical situation. The conceptual tools developed during the research can serve as a basis for further empirical research and research in the field of digital currencies, which corresponds to current trends in the financial sector.

At the same time, the increase in scientific knowledge and practical usefulness of this research lies in its ability not only to analyze the existing transaction system in the context of global changes, but also to actively offer innovative, effective alternatives that take into account the specific conditions of the Russian economy and the need for economic independence. This makes the highlighted issues particularly relevant and significant for the further development of both the scientific and practical field of international finance.

In today's world, where geopolitical tensions have reached their peak, innovative financial solutions are becoming particularly important. Research in the field of alternative payment systems opens up new horizons for countries facing external constraints.

The scientific value of the work lies in deepening the understanding of the mechanisms of countering sanctions pressure. The introduction of specialized exchange platforms and the development of local currencies can transform traditional ideas about the global economy. These tools not only expand the theoretical base of international finance, but also offer practical solutions to circumvent restrictions.

The developed proactive strategies are aimed at creating a stable cross-border payment system capable of operating under external pressure. This study makes a significant contribution to the development of the concept of financial sovereignty and offers a new perspective on the possibilities of economic independence of the state.

In the context of rapid geopolitical changes, the role of the scientific and analytical approach to the transformation of international financial relations is increasing. The research opens up new perspectives for empirical work, particularly in the field of digital monetary instruments.

The key result of the work was the development of innovative mechanisms for maintaining the stability of individual countries' financial systems. An example is alternative financial communication systems that minimize dependence on Western platforms such as SWIFT. The proposed solutions demonstrate the versatility of their application - they are effective for both government agencies and the business community.

The relevance of this study is due to its comprehensive approach to international finance. The work includes both a detailed analysis of the current settlement mechanisms in the period of global transformations, and the development of new solutions. Of particular value are the proposed alternative models that take into account Russia's need for economic sovereignty and the specifics of the national economy.