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“The introduction of independent settlement mechanisms is being successfully carried out, which will help protect cooperation with Cuba from the negative impact of the US trade, economic and financial blockade, as well as establish ties bypassing the financial organizations of unfriendly states,” the Russian diplomat said. In January, the chairman of the Russia-Cuba Business Council, Boris Titov, said that in order to mitigate the effect of Western sanctions, the countries are considering new mechanisms for mutual settlements, including in ruble and cryptocurrencies, as well as clearing schemes.

Moscow has been also promoting its SPFS interbank messaging system as an alternative to SWIFT as the West has ramped up economic restrictions. Nearly 470 participants, including foreign entities from 14 countries, have already joined the SPFS. Russia has also accelerated efforts to move away from the US dollar and euro towards settlements in national currencies.