The Italian-Russian Chamber of Commerce is exploring a new system to streamline the purchase of Italian goods by Russian companies, with a focus on real and practical payment solutions. In discussions reported by RIA Novosti, Ferdinando Pelazzo, a leader within the IRCC’s related trade network, explained that the envisioned framework would allow transactions to be settled in rubles. This approach aims to reduce friction in cross border trade and help sellers and buyers manage currency exposure more efficiently while maintaining compliance with existing trade regulations.
Pelazzo emphasized that current barriers hinder the smooth exchange of goods between Russia and Italy, including certain product categories that fall under sanctions or related restrictions. The proposed system envisions a process where a Russian purchaser could complete payments in rubles, after which the corresponding funds would be transferred from a correspondent account in a third country to the Italian counterpart. The mechanism would rely on trusted financial conduits and carefully structured settlement agreements to ensure traceability and regulatory alignment across districts and banking networks.
The proposed model would necessitate a coordinated effort with financial institutions, regulators, and international partners to establish secure channels for settlement. Pelazzo noted that months would be required to negotiate terms with banks, select a permissible third country, and develop reciprocal relations with the financial oversight authorities there. The timeline reflects the complexity of aligning foreign exchange controls, anti money laundering standards, and cross border payment infrastructure while keeping practical business needs in focus for both sides of the transaction.
In parallel, discussions from high level financial authorities indicate strong interest in ruble based settlements as a means to reduce currency risk in ongoing Russian trade. A deputy head of Russia’s central bank highlighted that denominating payments in rubles could lower exposure to exchange rate fluctuations and create a more predictable settlement environment for exporters and importers alike. Such insights underscore a broader push to diversify settlement currencies, balancing stability, liquidity, and regulatory compliance in multi jurisdiction trade arrangements.
Recent developments show a pattern of continued ruble involvement in Europe’s trade with Russia, suggesting that market participants are actively exploring options to maintain supply chains while navigating sanctions regimes and changing geopolitical dynamics. The evolving landscape invites enterprises across Canada and the United States to monitor policy shifts, assess counterpart risk, and consider how diversified settlement strategies could support their own international operations. It remains essential for firms to seek prudent guidance, maintain rigorous compliance checks, and communicate clearly with financial partners as new settlement structures emerge and mature.