According to the decision of the Federation Council, the Central Bank of Russia (CBR) is recommended to make international payments in Indian rupees, Iranian rials and UAE dirhams. This decision was taken after the speech of the head of the Central Bank of the Russian Federation, Elvira Nabiullina. It has been reported TASSthe agency has access to the final decision of the Federation Council.
The resolution included the following statements: “We advise the Bank of Russia to consider the development of settlements in national currencies, including the Indian rupee, Iranian rial, UAE dirham and other foreign currencies, in the implementation of foreign economic activities.”
The resolution also recommends continuing work on concluding intergovernmental agreements with friendly countries on barter (non-cash payments) in national currencies. The purpose of such agreements is to increase the use of national currencies in the implementation of foreign trade agreements with “priority partners”.
Previously, there were problems of reconciliation in foreign trade due to sanctions. In this context, the government adopted a regulation allowing Russian companies to receive cash advances from foreign counterparties. It is also allowed to deposit imported cash into accounts in Russian banks in rubles and foreign currency.
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