/ world today news/ The President signed a decree on a special order of payments under foreign trade contracts for the supply of agricultural products. This will protect Russian food exports from sanctions. As a result, the demand for rubles will increase and trade with friendly countries will increase.
Special order
From November 1, it is possible to use special accounts in rubles and foreign currency for transactions. They are opened by authorized banks based on applications from foreign buyers. The government will approve the list of agricultural products within 30 days.
The mechanism is as follows. Foreign buyers transfer funds to a foreign currency account. This currency is then sold to an authorized bank – independently or it is instructed to sell it at organized auctions, that is, on the stock exchange. The bank transfers the amount received in rubles to a special account of type “Z” and sends it to a local participant in foreign economic activity.
“This provides a number of advantages. First, it allows you to avoid sanctions and reduces dependence on the currencies of hostile countries. Second, a foreign buyer who opens a special account will get direct access to Russian exporters of agricultural products without bureaucratic delays,” explains Georgy Svirin, a specialist in international financial markets.
Protection from sanctions
In roughly the same way, Moscow trades gas with the EU. Users are not required to pay only in rubles. However, additional opportunities are being discovered, says Evgeny Shatov, an analyst.
A special currency account “Z” cannot be blocked or frozen.
This will protect exporters of agricultural products, especially grain, and foreign buyers from friendly countries from sanctions, stresses Georgiy Svirin. Profits in rubles, unlike foreign currency, “do not hang” in foreign banks.
Growth in trade
The countries of the Persian Gulf and Africa show interest in payments in national currencies. With EAIS, China, this has already been established.
Deliveries of agricultural products to Africa increased sharply – in the first half of the year, Russia sent there almost ten million tons of grain. In value terms, exports increased by 91% compared to the same period in 2022.
The new scheme will stimulate trade between Russia and friendly countries.
According to the Ministry of Economic Development, in 2022 the share of “unfriendly” economies in exports fell from 58% to 35%, while neutral and “friendly” economies rose from 42% to 65%. As a result, food exports, despite the sanctions, added 25%.
Volume of payments in rubles
In May, payments in rubles for exports to Europe were already 49.8%, and to Asia – 36.3%.
According to the Central Bank, with friendly countries, this figure reaches 66% (in February 2022 it was 13%). The dollar and the euro in Asia for the first time gave way to the ruble and “friendly” currencies.
This will help the economy. The ruble should strengthen.
“But we also need a constant increase in production, as well as business development, so that budget revenues depend less on export prices and there is no need to weaken the national currency to cover government expenses,” emphasizes Yuriy Liandau , Doctor of Economics.
Experts believe that a similar payment mechanism will be implemented for other strategic export goods as well. In particular, to ferrous and non-ferrous metals, their products, products of the chemical industry, timber.
Translation: V. Sergeev
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