IAC Project Research Group Discusses International Settlements in National Currencies
On April 20, 2026, the Faculty of World Economy and International Affairs hosted a seminar of the International Academic Cooperation Project working group “Approaches to an Alternative International Monetary System” on the topic “BRICS: International Trade and Settlements in National Currencies”. During the seminar, Vipin Veetil, Associate Professor at the Indian Institute of Management Kozhikode, presented the results of his research, which focused on assessing countries’ vulnerability to trade sanctions.
Vipin Veetil noted that the severance of ties between individual firms as a result of sanctions forces enterprises to seek new counterparties and also leads to changes in the sectoral structure of the economy. In his study, these two phenomena were incorporated into a network model based on input-output tables covering 80 countries and 40 economic sectors. This model was subsequently used to assess the mutual vulnerability of countries to potential trade sanctions. The study found that among all the countries considered, China has the lowest vulnerability to sanctions, while the United States ranks second in resilience to trade restrictions. The expert also noted that Russia has relatively low vulnerability to potential sanctions from all countries included in the model, with the exception of China.