This quarter, the country's central bank will begin examining two potential cross-border CBDC settlement models. Reports indicate that Russia's central bank will begin developing a cross-border settlement system utilizing a central bank digital currency (CBDC) in response to ongoing sanctions imposed in response to its invasion of Ukraine. According to a report published on January 9 by local media outlet Kommersant, Russia's central bank will examine two potential cross-border settlement models as part of its plans to move forward with the digital ruble in the first quarter of 2023. The first proposed model involves separate bilateral agreements between various countries and Russia to integrate their CBDC systems. Each agreement would ensure that the conversion and transfer of assets between the countries adhere to the terms of the agreement. The second, more complex model proposes a single hub-like platform for Russia to interact with other countries, with shared protocol