CBR sets up department for international settlements

MOSCOW. Feb 15 (Interfax) - The Central Bank of Russia (CBR) has set up new department for organization of international settlements that will work on developing Russian banks' correspondent relations with counterparties in "friendly" countries, the CBR said in a statement.

The CBR said the new department will work on issues that have become particularly relevant amid the sanctions imposed against Russia. They include developing Russian banks' correspondent relations with counterparties in "friendly" countries, the transition to settlements in national currencies, and expanding possibilities for cross-border transactions.

The new department is headed by Mikhail Kovrigin, the former director of the department for strategic development of the financial market.

The CBR has also decided to create a department for cooperation with international organizations starting February 15 based on the department for international cooperation, which will be eliminated by September 1, 2023.