Nearly six months after Russia was evicted from much of global finance over the invasion of Ukraine, it’s going it alone by devising a two-tier system severed from adversaries.
“Given the circumstances, it will be necessary to develop trade and financial relations with those countries that are ready to do this with Russia,” said Oleg Vyugin, a former top Russian central bank and Finance Ministry official.
Unable to intervene to defend the ruble with only yuan and gold, the central bank put up capital controls and other emergency measures to calm investors.But Russia is turning the page now that domestic markets appear to have ridden out the storm. To cope with what it called “an extraordinary change of circumstances”, Russia’s central bank published aPolicy makers are looking inward for sources of funding, floating concepts like charity bonds and participation financing.
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