PSB and the Ministry of Finance have created the Rosvexel company for cross-border settlements

The A7 platform, created by PSB Bank, and the Russian Ministry of Finance have established a company to issue promissory notes and digital financial instruments for participants in foreign economic activity, Rosvexel.

According to the press service of the PSB, Russian exporters and importers will receive a settlement instrument backed by gold, which "guarantees the security of payments and the safety of funds."

Mikhail Dorofeev, Deputy Chairman of the PSB, stressed that the creation of the company is an important part of the formation of Russia's sovereign financial infrastructure. "This will strengthen the capabilities of Russian exporters and importers and support the further development of foreign trade," Dorofeev said. He added that the bank strives to create solutions that "strengthen the sustainability of the economy and expand the conditions for customers in international markets."

According to the Ministry of Finance, the first securities from Rosvexel will be issued before the end of this year. It is also planned to release innovative digital calculation tools. "The creation of the company and the release of the first instrument is an example of how the state, together with business, creates conditions for the development of cross—border payment infrastructure, which will help Russia achieve technological and financial sovereignty," said Deputy Finance Minister Ivan Chebeskov.

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