Subject. This article focuses on the issues of creating an interstate currency, different from the existing world's reserve currencies, for export and import operations with various countries. Objectives. The article aims to develop the main provisions for the creation of an interstate currency to overcome the current and possible sanctions pressure of the United States, Western countries and Japan on the rest of the world, as well as its introduction into the world non-Western financial system. Methods. For the study, I used the dialectical, historical, logical, and economic and methodological research methods. Results. The article critically assesses the problems that the international trade activity of both the Russian Federation under intergovernmental contracts and its economic entities has faced and will face in the future. Conclusions and Relevance. The article concludes that the policy of the United States and its satellites is aimed at the practical impossibility of conducting international transactions in reserve currencies, the transition to payment for international transactions in the national currencies of the participating countries poses significant threats, and similar problems of the modern economy have been repeatedly successfully solved by our predecessors on the basis of pegging the currency to the gold standard. Theoretical research and practical proposals can be used by the Russian Federation and a number of other countries, including the BRICS intergovernmental organization, to create an international currency that does not depend on the Bretton Woods system of monetary relations and trade settlements.
Keywords: digital currency, world currency, international trade, sanctions, gold standard
References:
Lutskaya E.E. [Problems of the Internationalization of the Chinese Yuan]. Sotsial'nye i gumanitarnye nauki. Otechestvennaya i zarubezhnaya literatura. Seriya 2: Ekonomika. Referativnyi zhurnal = Social and Humanities. Domestic and Foreign Literature. Series 2: Economics. Abstract Magazine, 2019, no. 4, pp. 92–98. (In Russ.) URL: Link
Gavrilova V.E. [Monetary spaces of modernity in the context of the international transformational crisis]. Vestnik Moskovskogo universiteta. Seriya 27: Globalistika i geopolitika = Bulletin of Moscow University. Series 27: Global Studies and Geopolitics, 2022, no. 4, pp. 27–39. URL: Link (In Russ.)
Ushanov A.E. [Ways to reduce the risk of a commercial bank's corporate loan portfolio]. Azimut nauchnykh issledovanii: ekonomika i upravlenie, 2023, vol. 12, no. 1, pp. 141–146. (In Russ.) URL: Link
Madatova O.V. [Features of export pricing amid sanctions]. Rossiiskii vneshneekonomicheskii vestnik = Russian Foreign Economic Journal, 2022, no. 11, pp. 76–83. (In Russ.) URL: Link
Navoi A.V. [The transformation of Russia's role in the global financial architecture in the context of geopolitical challenges]. Finansovyi zhurnal = Financial Journal, 2022, vol. 14, no. 6, pp. 111–123. (In Russ.) URL: Link
Pleshivtseva A.A. [Gold transformation as a monetary asset]. Vestnik Taganrogskogo instituta upravleniya i ekonomiki = Vestnik of Taganrog Institute of Management and Economics, 2017, no. 1, pp. 25–28. (In Russ.) URL: Link
Virt M. Istoriya torgovykh krizisov v Evrope i Amerike [The history of trade crises in Europe and America]. St. Petersburg, Redaktsiya zhurnala Znanie Publ., 1877, 484 p.
Mel'nikov M.V. [Golden ruble: disputes between supporters and opponents of monetary reform by S.Yu. Witte (1895–1897)]. Novyi istoricheskii vestnik = The New Historical Bulletin, 2010, no. 23, pp. 11–22. URL: Link (In Russ.)
Murav'eva L.A. [Golden ruble of S.Yu. Witte (on monetary reform in Russia 1895–1898)]. Den'gi i kredit = Russian Journal of Money and Finance, 2003, no. 3, pp. 67–74. (In Russ.)
Keynes J.M. Obshchaya teoriya zanyatosti, protsenta i deneg. Izbrannoe [The General Theory of Employment, Interest, and Money. Selected writings]. Moscow, Eksmo Publ., 2007, 960 p.
Rogachevskaya M.A. [Monetary reform of G.Ya. Sokolnikov]. Istoriko-ekonomicheskie issledovaniya = Journal of Economic History & History of Economics, 2021, vol. 22, no. 3, pp. 432–460. (In Russ.) URL: Link
Doronina N.G., Semilyutina N.G. [The role of the State in foreign economic activity in Russia and abroad: new or old paradigm?]. Zhurnal zarubezhnogo zakonodatel'stva i sravnitel'nogo pravovedeniya = Journal of Foreign Legislation and Comparative Law, 2020, no. 5, pp. 65–80. URL: Link (In Russ.)
Yudina T.N. [Money of the three Romes. The gold standard, Bretton Woods and Jamaica monetary systems as unfinished stories, and digital finances as their continuation and dead end. Russian ruble as winner (essence of real and virtual money, gold)]. Teoreticheskaya ekonomika, 2018, no. 3, pp. 15–27. (In Russ.) URL: Link
Selva S. [Gold, Dollar, International Trade and Monetary Integration in US Foreign Policy: from the Interwar Years Through the Height of Bretton Woods]. Review of Business and Economics Studies, 2017, vol. 5, no. 2, pp. 23–35. (In Russ.) URL: Link
Ryabukhin S.N., Minchenkov M.A., Vodyanova V.V., Zapletin M.P. [Dual-circuit monetary and financial system as a tool for developing the national economy of the Russian Federation and ensuring its sovereignty]. Nauchnye trudy Vol'nogo ekonomicheskogo obshchestva Rossii = Scientific Works of the Free Economic Society of Russia, 2020, vol. 225, pp. 182–200. URL: Link (In Russ.)
Dimov S.Kh. [On the status of gold. Hypotheses and forecasts about precious metals]. Belorusskii ekonomicheskii zhurnal = Belarusian Economic Journal, 2011, no. 3, pp. 86–97. URL: Link (In Russ.)
Douglas A. Proof of Gold Price Suppression. Gold & the US Dollar. Market Force Analysis, 2010. URL: Link
Lebedev S.N., Rubtsov N.N. [The Golden Cartel and modern reality]. Sotsial'no-gumanitarnye znaniya, 2013, no. 5, pp. 310–326. (In Russ.) URL: Link
