Narratives for the formation of Russian identity for foreign economic relations (based on the example of currency operations under sanctions and the trend for de-dollarization)

In the modern conditions of development of our country, the problems of forming a domestic model of socio-economic development of our country in the conditions of Russian identity, which is a multidimensional phenomenon, have become increasingly relevant. Economic sanctions have led to a comprehensive transformation of Russia’s foreign economic relations and the formation of new narratives in their development. This study examines the key issues of this identity using the example of the changes that are currently occurring in the field of monetary and financial relations. The key goal of the study was to determine the prospects for the further development of the currency system of the Russian Federation under the current restrictions and taking into account the possible strengthening of economic sanctions. The scientific novelty of the study lies in the fact that, based on an analysis of theoretical approaches to the implementation of foreign exchange transactions and the practice of their regulation, it examines such aspects as: assessing the impact of these restrictions on bank transfers within the country and abroad; comparative analysis of changes in financial transactions during the period of economic restrictions; determining the degree of impact of new sanctions on foreign exchange transactions and characterizing prospects for facilitating their implementation. Special attention in our study is paid to the problems of dedollarization, assessing the role of the yuan and its capabilities in the Russian financial market, the increasing relevance of currency regulation and currency control in the Russian financial system, including from the point of view of innovations in currency control. Solutions to eliminate the problems faced by banks due to the imposed sanctions are proposed and justified.