Putin signed a decree on the payment for agricultural products in rubles through special accounts

Russian President Vladimir Putin signed a decree on a special procedure for settlements under foreign trade contracts for the supply of Russian agricultural products. Document published on the portal of legal acts.

The decree was signed in addition to the measures that Russia has established in connection with the unfriendly actions of the United States and countries that have joined them, as well as measures to ensure financial stability.

“Establish that when making settlements under foreign trade contracts for the supply of Russian agricultural products, concluded by residents participating in foreign economic activity with foreign buyers at organized auctions, it is allowed to use special ruble accounts of type “Z” and special currency accounts of type “Z”,” it says. in the document.

The government will establish a list of agricultural products that will fall under these measures. The list must be approved within 30 days.

Accounts of type “Z” will be opened by authorized banks at the request of foreign buyers, it is allowed to open without the personal presence of a company representative. Suspension of transactions, arrest or write-off of funds in the framework of the fulfillment of obligations not related to settlements under contracts for the supply of Russian agricultural products is not allowed on such accounts.

The mechanism will operate as follows. A foreign buyer transfers funds to a foreign currency account of type “Z” in foreign currency. After that, he sells it to a bank, which credits funds in rubles to a type Z ruble account owned by the buyer, and transfers the money to the account of a resident participant in foreign economic activity.

According to the document, the Central Bank will establish the regime of special accounts, the board of directors of the regulator must make decisions within 10 days to exercise these powers. Also, banks have 10 days to determine the rules for the operation of the established scheme. The main provisions of the decree come into force on November 1, 2023.

At the end of July, Deputy Prime Minister Victoria Abramchenko toldthat, on behalf of the president, the government is preparing regulations for converting payments for food exports from Russia into rubles. “In fact, this is a tool to protect Russian exporters and our friendly countries from thoughtless sanctions pressure imposed by Western countries,” Abramchenko explained the need for such measures.