Central bank creates department for international settlements

MOSCOW, Feb 15 (PRIME) -- Russia’s central bank has created a department for organization of international settlements to solve the pressing problems caused by the Western sanctions, the regulator said in a statement on Wednesday.

Besides the problems, the department will work to improve correspondent relations of Russian banks with their counteragents from the friendly countries, a switch of national settlements to national currencies, and expansion of possibilities for trans-border operations.

Mikhail Kovrigin, who previously was a director of the central bank’s department for strategic development of the financial market, will lead the new department.

The central bank will also create a department for cooperation with international organizations to replace the existing department for international cooperation by September 1.

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