Russian Industry Leaders Call for Coordinated State Policy to Improve Cross-Border Settlements
In recent comments, Maxim Sokolov, the head of AvtoVAZ, highlighted ongoing difficulties faced by Russian companies when settling accounts with foreign partners. He suggested that a centralized state mechanism could streamline these payments and reduce delays that impede commercial activity in today’s fast-moving market. According to Sokolov, the present approach relies on multiple actors and structures, which slows the flow of funds and increases friction in international trade. The thrust of his argument centers on the need for a top-level policy framework that engages the key ministries and agencies responsible for financial flows, currency risk, and foreign settlements. He emphasized that payments will continue, but they are lagging behind the tempo required by modern business models.
Sokolov described a potential state enclave that could facilitate settlements in multiple currencies. This idea would require broad consolidation across industries and businesses, so that all external settlements could pass through a single, trusted channel. He warned against repeating past efforts, drawing on the experience of mutual settlements with Bolivia that used the Boliviano and did not produce uniformly successful outcomes. The aim would be to create a predictable, transparent system that speeds up cross-border payments and reduces the risk of delays or currency mismatches for exporters, manufacturers, and service providers alike.
Earlier, at the St. Petersburg International Economic Forum, Rosneft Chief Executive Officer Igor Sechin presented a roadmap aimed at boosting the efficiency of the Russian energy sector. The plan is designed to lower energy costs for both industrial users and households, thereby improving overall competitiveness and reducing the burden of energy expenses on the broader economy. Sechin argued that a more efficient energy framework would support industrial growth, attract investment, and enhance energy security across sectors. Observers noted that the roadmap aligns with ongoing efforts to modernize infrastructure, streamline procurement, and foster reliable supply chains that can withstand external shocks. The discussion touched on pricing, tariff policy, and the role of state-backed instruments in stabilizing energy markets during times of volatility.
In related developments, discussions around monetary policy continued to surface. A former central bank official hinted at potential adjustments to key rates as part of a broader strategy to manage inflation and currency stability. Although timing and specifics remained under consideration, the possibility of rate changes prompted market participants to reassess borrowing costs, investment plans, and liquidity management across banks and corporations. Stakeholders stressed the importance of clear communication from policymakers to minimize uncertainty and to help businesses plan for the medium term. The overarching message from industry leaders and policymakers stressed coordination between fiscal policy, monetary policy, and regulatory measures to sustain growth while preserving financial stability. The convergence of these policy threads is seen by many as essential to supporting manufacturing, energy, and export-oriented sectors in a volatile global environment. (Source at forums and policy briefings, attributed to senior executives and officials, multiple agencies)