The Cabinet of Ministers has prepared a list of agricultural products for payment in rubles through special accounts

The government has approved agricultural products, payments for the supply of which abroad are allowed in rubles through special accounts of type “Z”. Such an order signed Prime Minister Mikhail Mishustin.

“The list was prepared taking into account information on the trade of Russian agricultural products on commodity exchanges and on the monitoring of over-the-counter transactions. Certain items on the list have been worked out with industry associations,” the press service of the Cabinet of Ministers reports.

The list includes pork, poultry, milk and cream, wheat and meslin, barley and corn, soybeans, flax seeds, sunflower, soybean and rapeseed oil, sugar, and cakes.

Russian President Vladimir Putin signed decree on a special procedure for settlements under foreign trade contracts for the supply of Russian agricultural products in August. Type “Z” accounts will be opened by authorized banks at the request of foreign buyers; opening is allowed without the personal presence of a company representative. On such accounts, it is not permitted to suspend operations, seize or write off funds as part of the fulfillment of obligations not related to settlements under contracts for the supply of Russian agricultural products.

As part of the mechanism proposed by the decree, the foreign buyer will transfer funds to a type “Z” currency account in foreign currency. After that, he sells it to the 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.

The main provisions of the decree come into force on November 1, 2023.