Russia is going to untie payments in friendly currencies from the dollar
Business FM asked how to implement such a plan. What political and economic risks can be obtained as a result?
Settlements in “friendly currencies” untie from the dollar. The share of currencies of the EAEU states that are independent in mutual settlements has reached almost 75% this year. Moscow already has a plan to expand this program. In addition, Russia was actively engaged in settlements in yuan and rubles with China. This applies, in particular, to the distribution of energy resources.
But the exchange rate of the national currency is still calculated through the dollar. For example, when calculating with a pair of “ruble – tenge”, in order to understand how many rubles you need to pay for tenge, the exchange rate of the Kazakhstani currency. Decision through the American one.
At the same time, the West may introduce restrictive measures against the government of the clearing center, which communicates with an intermediary in currency transactions on the Moscow Exchange. If this happens, the Moscow Exchange will not be able to trade in the dollar.
Against the backdrop of these sanctions risks, it is being discussed how to decouple foreign trade contracts with friendly countries from the dollar. This was told to RBC by a source in the financial market, which was approved by a federal official.
Evgeny Nadorshin, Chief Economist at PF Capital, comments:
Evgeny Nadorshin Chief Economist, PF “Capital”
Various options are now being considered, including pegging the national currency to gold or oil. But at the same time, the oil market itself is pegged to the dollar, – said the RBC source. Settlement rates through a basket of currencies are also possible, but it must correspond to the Russian part of the foreign trade turnover. The set of currencies that could be included in the basket is not yet clear.
Yegor Susin, managing director of Gazprombank Private Banking, speaks about the possibility of decoupling settlements in union currencies from the dollar:
Egor Susin Managing Director, Gazprombank Private Banking
Decoupling from the US dollar in friendly currency registers. Much here depends on what Russia can offer its partner. General Director of the National Energy Security Fund Konstantin Simonov comments:
Konstantin Simonov Director General of the National Environmental Security Fund
In the spring, against the backdrop of large-scale anti-Russian meetings, experiences create a separate currency for foreign trade transactions. A new payment system is being developed between Russia and the states of the EAEU, Southeast Asia, Iran, Turkey and others. It was assumed that the value could be provided by such countries – gold and precious metals. The exchange rate will depend on the weighted average price of world market resources.
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