OREANDA-NEWS  Promsvyazbank (PSB) has launched a unique mechanism for cross-border settlements under international trade contracts of Russian companies with counterparties from any country using financial market instruments on the basis of a company A7 specially created by the bank, the press service of the credit institution reported.

"PSB has launched an infrastructure for settlements under international trade contracts of Russian business. The PSB cross-border settlement platform provides full financial support for foreign trade contracts of Russian exporters and importers with counterparties from any country. The unique settlement mechanism implemented by the bank will provide support to Russian foreign trade participants and their trading partners in the face of anti-Russian sanctions pressure," the bank said in a press release.

As the bank noted, the PSB cross-border settlement platform ensures timely and uninterrupted execution of all payments under foreign trade contracts of Russian companies.

"Settlements are carried out using financial market instruments on the basis of a specially created A7 company by the bank," the message says.

Mikhail Dorofeev, Deputy Chairman of the PSB, quoted by the press service, stressed that by ensuring the continuity of cross-border operations of Russian importers and exporters, the mechanism developed by the PSB "will become an important part of the development of foreign trade and stimulating domestic industry and the consumer market."

"To implement such a project, the bank has used its unique infrastructure developments, accumulated experience of participation in government development projects and the scale of involvement in the financial system and the economy of the country," Dorofeev added.