Russia will start working on the CBDC settlement system in the first quarter of 2019.

This quarter, the central bank of the country will start to look into two possible cross-border CBDC settlement models.

Reports say that Russia's central bank is about to start working on a cross-border settlement system that will use a central bank digital currency (CBDC). This comes as sanctions against Russia continue because it invaded Ukraine.

A local news outlet called Kommersant reported on January 9 that Russia's central bank will study two possible cross-border settlement models as part of its plans to move forward with the digital ruble. This is expected to happen in the first quarter of 2023.

In the first model, different countries would make separate bilateral deals with Russia to connect their CBDC systems.

Each agreement would make sure that the countries' assets are converted and moved between them according to the rules of the agreement.

The second, more complicated model calls for a single hub-like platform where Russia and other countries can talk to each other and share common protocols and standards to make it easier for them to pay each other.

The head of the board of the Financial Innovations Association (AFI), Roman Prokhorov, thought that the first model was easier to put into place but less likely to help countries work together.

The other option was more "advanced," and he thought it might be possible to start with a two-way system, with China as the most likely partner because it was "technologically and politically ready."

In September, there were rumors that Russia planned to use its digital ruble to pay off debts with China by 2023.

Still, some people think that Russia's CBDC move won't be limited by technology but by politics.

Alexey Voylukov, the vice president of the Association of Banks of Russia, said that introducing a digital ruble won't change or improve Russia's political situation around the world. He also said that trials for the CBDC platform can only be done with countries that are friendly with the Russian government and have the right technology.

Before, the Bank of Russia said it wanted to launch its digital ruble by 2024, with all banks and credit institutions connected to the CBDC's platform.

Since Russia started a full-scale invasion of Ukraine at the end of February 2022, it has been hit with more and more financial and trade sanctions.

Since then, it has tried and thought about ways to get around the sanctions. For example, the central bank is thinking about letting people in the country use cryptocurrencies "only to support foreign trade."

In September, the Bank of Russia and the Ministry of Finance agreed on a rule that lets Russians use crypto to send money to other countries.

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