Interstate calculations: from centralisation to decentralisation

   The issues related to the problem of cross-border payments under sanctions restrictions have been considered. The forms of money which were used in different periods of time in settlements among states in conditions of restrictions have been studied. The issues of solving the problem of cross-border payments based on monetary unions conclusion among states have been studied. The activity of the monetary unions has been considered, and their certain typologisation has been conducted. The application of the effects of bimetallic, gold, and other standards in payment means when they are used in the cross-border payments has been studied. The reasons for the emergence and consequences of the application of the bimetallic and gold standards in monetary instruments in the interstate settlements have been analyzed. The possibility of using different forms of money in modern conditions in the cross-border payments under sanctions restrictions has been analysed. Commodity, cash, non-cash, and digital forms of money have been studied. In the analysis process, the existing restrictions on their application in the cross-border payments in conditions of sanctions restrictions have been revealed. The prospects for the use of digital money, including private and public ones, in these cross-border payments have been considered separately. Projects on the use of digital state money under sanctions restrictions have been studied. It has been concluded that their application is localised and that we need to search for other means of payment, which allow to some extent to circumvent the existing sanctions restrictions. For this purpose, it has been proposed to use decentralised payment means based on precious metals.

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