Multilevel system of international settlements for the Russian Federation

Aim. This work aimed to develop a multilevel system of international settlements for the Russian Federation, adapted to modern challenges and taking into account the country’s strategic interests.

Objectives. The work seeks to systematize the fundamental changes in the global financial architecture, that make the previous model of Russia’s integration into the global financial system ineffective; to formulate the basic principles for constructing a new system based on theories of financial security and sovereignty; and to develop the foundations of a multilevel system of international settlements for Russia.

Methods. General scientific methods were used to review the processes of de-dollarization, fragmentation, and financial risks in various aspects, and international experience in constructing alternative settlement systems was compared to identify the key success factors.

Results. An original eight-level model of the international settlements system has been developed. The model represents not just a list of elements, but a system where the strategic, regional, sectoral, institutional, technological, currency, regulatory, and operational levels are interconnected by vertical and diagonal links. It is mainly characterized by its incorporation of adaptability and proactivity principles, where the system is designed not only to respond to threats but also to shape actively a new financial reality, while feedback mechanisms allow it to evolve flexibly based on practical experience and data analysis.

Conclusions. Piecewise measures to strengthen financial sovereignty have their limits. A comprehensive, systemic approach is necessary for a qualitative breakthrough. The proposed multilevel system serves as the foundation for implementing such an approach, as it ensures a transition from reacting to external challenges to proactive creation of a sustainable, diversified, and technologically independent settlement system that meets Russia’s strategic interests in the emerging multipolar world.

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