VEB.RF experts named alternatives to the dollar in Russia's external settlements

VEB.RF experts named alternatives to the dollar in Russia's external settlements


Settlements in rubles and yuan are the most promising models of Russia's external settlements in the foreseeable future, said RBC experts of the Institute for Research and Expertise VEB.RF. Economists listed the publication and other alternatives to the dollar and the euro in the external settlements of the Russian Federation.

VEB notes that the main risk of settlements in rubles is the threat of secondary sanctions for countries trading with Russia, and the expansion of the use of the yuan threatens to increase Russia's dependence on China. The Institute believes that it is expedient to make settlements in yuan with the countries of Asia, Africa and Latin America. According to VEB economists, China has concluded clearing agreements on the yuan zone with 25 countries, including Russia.

Other payment schemes proposed by VEB.RF experts:

  • settlements in other national currencies, in particular, in UAE dirhamah And Indian rupees. According to economists, the advantage of the dirham is a fixed exchange rate with a tight peg to the US dollar. Settlements in rupees can be facilitated by the presence of branches of Russian banks in India and the cooperation of the national payment systems of Moscow and New Delhi;
  • Creation unified clearing center for a union of states friendly to Russia. As part of this initiative, the Central Banks of the participating countries determined the exchange rates against the main "clearing currency" in which it would be possible to carry out settlements;
  • conducting settlements in relation to gold. To do this, according to VEB experts, it is necessary to create settlement centers in friendly countries and set gold prices in national currencies;
  • usage cryptocurrencies and tokens in external accounts. VEB warns about the high volatility of cryptocurrencies, but this method is suitable for local settlements;
  • Creation digital "golden ruble". According to experts, Russia may issue a digital payment instrument backed by gold from international reserves.

May 31 Institute of the Commissioner under the President for the Protection of the Rights of Entrepreneurs offered Russian President Vladimir Putin is allowed to conduct external payments in cryptocurrencies. At the end of May, Sberbank launched deposits in UAE dirhams, becoming the second player (along with MTS Bank) with such an offer on the Russian market. Head of the Central Bank Elvira Nabiullina during her visit to Tehran discussed with the Iranian side, the development of a system of bilateral settlements, including in national currencies. Moreover, Russia has already holds transactions in rupees with Indian exporters.

The increase in the share of Russian trade operations in national currencies is limited by the ratio of imports and exports with a particular country, as well as by the effect of capital restrictions. An alternative way to make payment transactions, however, could be the use of digital currencies, participants in the profile session of the Eurasian Economic Forum said on May 24. In the EAEU, such currencies are being developed by the central banks of Russia and Kazakhstan - it is assumed that their launch will reduce the costs of cross-border payments and increase the efficiency of trade.

Read more about the discussions of settlements in national currencies by the EAEU countries in the material "Pay on the ruble-tenge".

Erdni Kagaltynov



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