MOSCOW, August 8. /TASS/. President Vladimir Putin signed a decree on a special payment mechanism for export of agricultural products from Russia. It allows the use of special accounts in transactions with foreign buyers at organized auctions. The document has been published on the official portal of legal information.
"When making settlements under foreign trade contracts for the supply of Russian agricultural products, concluded by residents-participants in foreign economic activity with foreign buyers at organized auctions, it is allowed to use special "Z" type accounts in rubles and special "Z" type accounts in foreign currency," the document says.
The list of such agricultural products is to be approved by the Russian government. According to the decree, it must be approved within 30 days.
The mechanism is introduced in addition to the measures stipulated by the decrees of the Russian President on special economic measures in connection with unfriendly actions of the United States and other countries, on measures to ensure the financial stability of Russia and on additional temporary measures to ensure financial stability in the field of currency regulation.
The paragraphs of the decree, which regulate the mechanism for settlements and opening accounts, come into force on November 1, 2023.
Settlement procedure
Special accounts are opened on the basis of applications from foreign buyers by the banks authorized in accordance with the law on currency regulation and currency control.
Under the decree, a foreign buyer transfers funds to a special currency account in foreign currency. After the currency is credited, the buyer sells it to an authorized bank or instructs it to sell the currency at organized auctions.
The Bank credits funds in rubles to a special ruble account of this foreign buyer, and also, based on the instruction and an extract from the register of contracts concluded at organized auctions, transfers the credited funds in rubles to the account of a resident participant in foreign economic activity.
In late July, Deputy Prime Minister Viktoria Abramchenko said that the countries of the Persian Gulf and African countries showed interest in settlements in national currencies when exporting Russian agricultural products. Abramchenko pointed out that such settlements had already been made with the EAEU countries and China. According to the Deputy Prime Minister, in order to scale up this practice, regulatory changes are needed, which will be implemented through the decree.