Putin says use of ruble for export payments surges around threefold
Date
9/26/2024 3:49:27 AM
(MENAFN) During a meeting of the Russian State Council in Moscow, President Vladimir Putin announced that the use of the ruble for export payments has surged nearly threefold, rising to 39 percent from 2021 to 2023. He highlighted a significant reduction in the share of payments made in what he termed "toxic Western currencies," which halved last year. This shift underscores the impact of Western sanctions on Russia's ability to conduct trade, particularly regarding payment issues for both exports and imports.
Putin acknowledged that payment problems remain a critical challenge for Russian exports, attributing these difficulties to the ongoing Western sanctions. He emphasized the need for collaboration with foreign partners to expand the use of national currencies and to develop clearing payment systems and platforms. This strategy aims to mitigate the effects of sanctions and enhance trade stability.
Furthermore, the president pointed out that Russia's experiences have encouraged other nations to consider establishing alternative payment systems. He mentioned that there is a global focus on creating a supranational payment infrastructure that could operate independently of external influences, including the potential integration of central bank digital currencies and digital financial assets.
While addressing logistical challenges faced by Russia, Putin expressed optimism about the development of the North-South transport route, which he believes could facilitate trade. He also noted that even in countries deemed friendly to Russia, businesses encounter obstacles in finding buyers, conducting negotiations, accessing marketing information, and protecting investor rights. He urged the government to address these issues comprehensively.
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