Russia has found a way to trade around Western sanctions

Experts suggested that Russia create a new unit of payment
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Sanctions against Russia in general and the Urals in particular

A group of economists has suggested that Russia create a new unit of payment for settlements with friendly countries. The initiative was put forward by 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.

“Western sanctions, which have cut off Russia from world capital markets and made it difficult to convert the ruble into foreign trade, have raised the question of creating a new unit of payment for settlements with friendly countries. Many countries may be interested in forming a non-dollar settlement system, ”RBC reports.

According to experts, this decision could help interested countries get rid of dependence on other currencies. The authors of the initiative proposed to link the cost of the unit to the gold and precious metals available in the participating countries.

The G7 countries – Britain, Germany, Canada, Italy, the United States, France and Japan – have previously decided not to buy Russian gas for rubles. Russian President Vladimir Putin has said that countries recognized by Russia as unfriendly (especially Europe and the United States) will be obliged to pay for gas in rubles. This decision of the head of state, according to a poll by VTsIOM, was approved by 76% of Russians. After that, several European countries stated that they do not consider such an option to purchase energy. Matian Tepo, a columnist for the French newspaper Marianne, said that by asking European countries to pay for gas in rubles, Putin had played his “trump card”.

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A group of economists has suggested that Russia create a new unit of payment for settlements with friendly countries. The initiative was put forward by 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. “Western sanctions, which have cut off Russia from world capital markets and made it difficult to convert the ruble into foreign trade, have raised the question of creating a new unit of payment for settlements with friendly countries. Many countries may be interested in forming a non-dollar settlement system, ”RBC reports. According to experts, this decision could help interested countries get rid of dependence on other currencies. The authors of the initiative proposed to link the cost of the unit to the gold and precious metals available in the participating countries. The G7 countries – Britain, Germany, Canada, Italy, the United States, France and Japan – have previously decided not to buy Russian gas for rubles. Russian President Vladimir Putin has said that countries recognized by Russia as unfriendly (especially Europe and the United States) will be obliged to pay for gas in rubles. This decision of the head of state, according to a poll by VTsIOM, was approved by 76% of Russians. After that, several European countries stated that they do not consider such an option to purchase energy. Matian Tepo, a columnist for the French newspaper Marianne, said that by asking European countries to pay for gas in rubles, Putin had played his “trump card”.

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