RBC: economists have proposed to create a unit of payment in Russia for settlements with friendly countries

Experts from the Center for Macroeconomic Analysis and Short-Term Forecasting (CMACP) and the Institute of National Economic Forecasting of the Russian Academy of Sciences consider it necessary to create a special payment system in Russia for settlements with “friendly” countries. RBC writes about this with reference to several economists. The Ministry of Energy does not rule out such a possibility, but notes that first of all Russia and its partners need to benefit from settlements in national currencies.

According to the analytical note “On ways to respond in the field of economic policy to the actions of unfriendly Russian countries”, which was published in the short term, a special “revenue aggregator” could be created, working primarily to accumulate oil and gas payments. The money will be transferred through him or directly from the exporter’s account in a foreign bank. However, there is a risk that the “aggregator” will fall under sanctions.

A new payment unit can be a more reliable way to make payments. According to experts, the intrinsic value of this unit should be provided by the resources available to the participating countries, namely gold and precious metals. The countries of the Eurasian Economic Union (EAEU), China, India, Iran, Turkey and others may be interested in it.

According to RBC, at a conference on sanctions and dedollarization, Alexander Shirov, director of the Institute of National Forecasting of the Russian Academy of Sciences, said that receiving payments for exports in dollars and euros was a “suitcase without a handle” for Russia. Using an ECU-type payment unit would solve the problem, ”he said. The ECU is the currency used by the European Economic Community from 1979 to 1998.

Speaking at the conference, Deputy Minister of Economic Development Dmitry Volvach, who oversees integration with the EEU countries, did not rule out the creation of such a unit, but said that Russia should get the most out of settlements with partner countries in national currencies.

Earlier, Kommersant learned that the Union of Grain Exporters (including TD Reef, Aston, Demeter Trading, Cargill, Viterra, etc.) asked the Central Bank to work out the possibility of foreign buyers of Russian grain making payments in rubles under export contracts. They believe that the scheme can work at least with Turkey, which is ready to switch to national currencies in trade.

More details in Kommersant’s article “Exporters are earning rubles.”

Victoria Kolganova


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