Grain for rubles: Russia to switch to national currency in payments for food exports

The Russian government is discussing a draft decree that will switch payments for Russian food exports into rubles, Deputy Prime Minister Victoria Abramchenko said in her Telegram channel.

The document was prepared on behalf of President Vladimir Putin and would be sent to him for consideration in the near future, she said.

“In fact, this is a tool to protect Russian exporters and our friendly countries from thoughtless Western sanctions,” Abramchenko said. 

The countries of the Persian Gulf and Africa are showing interest in settlements in national currencies, and such operations are already underway in trade with EAEU states (Eurasian Economic Union) and China.

Reports about the draft decree on selling Russian agricultural products for Russian rubles appeared in March. The decree recreates the rules of Russia's natural gas sales to the European Union. The new mechanism is expected to protect grain exports from sanctions.

The National Clearing Centre will open special ruble and foreign currency accounts for foreign partners and sell currency earnings on stock exchange before settling accounts with domestic suppliers in Russian rubles.