Siluaov stated: "Digital currencies could be used in cross-border payments. This is just the earliest phase of discussions, but the future lies with the use of the digital ruble, the digital yuan, and other similar currencies."

Russia's new payment system will have no restrictions

The Russian finance minister elaborated that they are launching a payment system based on digital financial assets. He said the payment system would enable two parties to reach an agreement, make payments, and prevent any national interference.

Following the Russia-Ukraine war, numerous economic sanctions were imposed by the US and other nations on Russia. This has pushed Russia to steer toward less dependence on the US dollar.