Russian President Vladimir Putin signed a decree on the introduction of a special procedure for payments in rubles when exporting agricultural products. This will protect trade from sanctions and strengthen the demand for the national currency. informs RIA News.
According to the decree, starting from November 1, 2023, you can use “Z” type special ruble and foreign currency accounts when exporting agricultural products. Foreign buyers will transfer funds to these sanctions-protected accounts, then sell the currency to Russian banks for rubles and pay for deliveries.
The list of agricultural products under the new reconciliation procedure will be approved by the government within 30 days.
According to experts, this will increase the demand for the ruble and expand Russia’s trade with friendly countries. A similar mechanism is currently used in the gas trade.
“This will give Russian exporters direct access to foreign buyers without bureaucratic delays and eliminate the risk of sanctions,” said Georgy Svirin, specialist in foreign markets in the Finmir market.
Recently, Russia has been actively increasing its agricultural products trade with African, Middle Eastern and Asian countries. In the first half of the year, grain shipments to Africa increased by 91% in value. The share of settlements in national currencies in trade with EAEU countries and China is increasing.
Vladimir Putin in early June said by the number of transactions between Russia and China paid in rubles and yuan.
Former US Treasury extended sanctions against Russia.