On May 24-25, 2023 the Eurasian Economic Forum took place in Moscow. Chairman of the FBA EAC Executive Board, Vice President of the RSPP Alexander Murychev moderated the session «International settlements and digital assets». 

In his opening speech that the issues of companies making cross-border payments are currently the most sensitive and need to be resolved as soon as possible. Restrictions imposed by third countries directly affect the timing and cost of cross-border payments. In fact, the basic principle of modern financial systems - the freedom to conduct current transactions - has been destroyed by these actions. The development of settlements in the so-called "non-sanctioned" currencies is seen as one of the main ways to restore stability in foreign trade.

Alexander Murychev emphasized that it is important to ensure smooth transactions between both EAEU member states and third countries – key and potentially significant trade partners.  Independent payment infrastructures are being developed in the EAEU. Inter-system interaction of national payment card systems of EAEU member states is ensured. 

Alexander Murychev believes that the task of developing cross-border settlements without the use of toxic currencies can also be solved on the basis of promising financial technologies: digital currencies of central banks, smart contracts, a special unit of account, multilateral clearing, etc. Interstate Eurasian development institutions can play an important role in the implementation of these projects. RSPP and its member companies traditionally pay special attention to the development of digitalization in the financial sector. The use of new technological platforms can ensure high settlement speed, confidentiality and cost reduction, which are significantly higher than those of traditional systems. At the same time, the explosive spread of financial innovation can also lead to increased cyber threats, technological vulnerability, and financial instability. 

Alexander Murychev noted that amid the stagnation of developed markets the dynamic expansion of mutual trade turnover between the EAEU countries and developing markets could become a new source of economic growth. In addition, such expansion requires the formation of a system of independent institutions and instruments, including payment and settlement instruments, which meet the needs and correspond to the specifics of developing economies. 

Alexander Murychev said that RSPP proposes to concentrate efforts in the implementation of Eurasian Reinsurance Company (ERC) in priority projects in industrial production and agro-industrial complex, providing reinsurance in the field of transport, storage, logistics, international leasing activities (equipment, vehicles), and develop a phased plan of sectoral expansion of the ERC. Provide for the possibility of participation of the ERC in international reinsurance companies that provide insurance of foreign trade activities with countries outside the EAEU, primarily with the BRICS and SCO countries.