“Back to the 1990s”: The Russian government is ready to return barter instead of the dollar and the euro 

ruble

The Ministry of Finance of Russia will not object if local business conducts barter instead of payments in the currencies of countries that the Russian Federation itself calls “unfriendly”, primarily in US dollars and euros.

The Minister of Finance of the Russian Federation, Anton Siluanov, stated this in an interview with the local newspaper “Vedomosti”.

He explained that the Russian government sees the risks of revenue inflows in dollars and euros and wants to minimize them.

“We do not plan to switch to barter, but if our companies agree on commodity exchange transactions through accounting in the national currency, we will not prevent it,” said Siluanov.

According to him, “centralized clearing solutions are possible” to ensure barter.

The Russian minister also supported Gazprom’s proposal to convert payments for the export of liquefied natural gas into rubles.

“An absurd situation arises: we supply gas, receive currency and freeze it. Why do we need it? It is obvious that calculations in euros or dollars are unacceptable for us. There remain rubles or a currency that we trust, or imports that we are interested in,” – said Siluanov.

Currently, Russian legislation does not directly prohibit transactions involving the exchange of goods. Control over such operations is carried out by the Federal Customs Service. According to “Vedomosti” sources at the Russian customs, such operations are carried out, but on a relatively small scale.

Sources of the publication in the Russian government claim that the possibility of barter with several countries is already being worked out, the materials have been sent to the Russian Union of Industrialists and Entrepreneurs (RSPP), but so far there has been no interest in such calculations.

A source in the RSPP noted that several large companies are generally ready for such a trade format, but clarifications are needed on how to correctly conduct such transactions. Джерело: https://biz.censor.net/n3353693

(C)CENSOR.NET 2022

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