Tectonic shifts in global trade represent new risk, says Russian central bank
Tectonic shifts in global trade represent a new risk that needs to be taken into account and evaluated, Russia's central bank governor Elvira Nabiullina told the Duma lower house of parliament on Wednesday, in reference to U.S. trade tariffs. "... the tectonic changes in global trade... are unfolding before our eyes, and it is still very difficult to judge where they will lead the global economy and how they will affect Russia," Nabiullina said. "This is a new significant risk that we must take into account," she added, speaking in the Duma during an annual report to members of parliament.Nabiullina also downplayed the impact of Western sanctions imposed over Russia's military action in Ukraine, saying they complicated cross-border payments but had no significant impact on Russian exports and imports. "We are developing alternative channels for transactions with foreign partners, and businesses are testing the use of digital financial assets, showing interest in cryptocurrency transactions within an experimental legal framework," she said.