08.08.2023, 22:42
Putin signed a decree on payments for agricultural products in national currencies
Source: OREANDA-NEWS
OREANDA-NEWS Russian President Vladimir Putin signed a decree "On a special procedure for settlements under foreign trade contracts for the supply of Russian agricultural products", providing for payment for these products in national currencies.
The document was signed on August 8 and posted on the official portal of legal information
Special ruble and foreign currency accounts of the "Z" type are opened by credit institutions that, in accordance with the law "On Currency Regulation and Currency Control", are authorized banks, based on applications from foreign buyers. Banks have the right to open such accounts without the presence of a representative of a foreign buyer.
The President granted the Board of Directors of the Central Bank the authority to establish the regimes of special accounts of the "Z" type of both types. The Government has been instructed to approve the list of agricultural products to be sold under this scheme within 30 days.
The decree comes into force from the date of its official publication, the items providing for the opening of accounts and the settlement mechanism - from November 1, 2023.
As Russian Deputy Prime Minister Victoria Abramchenko stated earlier, the settlement mechanism in national currencies is "a tool to protect Russian exporters and friendly countries from thoughtless sanctions pressure imposed by Western countries." "Our partners are used to receiving high-quality Russian food without interruption, and we will continue such deliveries. We observe interest in settlements in national currencies. The countries of the Persian Gulf and Africa have it. Such calculations have already been made with the EAEU countries and China. Therefore, regulatory changes are needed to scale these successful pilot practices, which will be implemented thanks to the decree," she said.
The document was signed on August 8 and posted on the official portal of legal information
Special ruble and foreign currency accounts of the "Z" type are opened by credit institutions that, in accordance with the law "On Currency Regulation and Currency Control", are authorized banks, based on applications from foreign buyers. Banks have the right to open such accounts without the presence of a representative of a foreign buyer.
The President granted the Board of Directors of the Central Bank the authority to establish the regimes of special accounts of the "Z" type of both types. The Government has been instructed to approve the list of agricultural products to be sold under this scheme within 30 days.
The decree comes into force from the date of its official publication, the items providing for the opening of accounts and the settlement mechanism - from November 1, 2023.
As Russian Deputy Prime Minister Victoria Abramchenko stated earlier, the settlement mechanism in national currencies is "a tool to protect Russian exporters and friendly countries from thoughtless sanctions pressure imposed by Western countries." "Our partners are used to receiving high-quality Russian food without interruption, and we will continue such deliveries. We observe interest in settlements in national currencies. The countries of the Persian Gulf and Africa have it. Such calculations have already been made with the EAEU countries and China. Therefore, regulatory changes are needed to scale these successful pilot practices, which will be implemented thanks to the decree," she said.
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