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New Policy Permits Pork Exports to be Conducted in Rubles

On November 1, a presidential decree implemented a special payment procedure for international supply contracts of Russian agricultural products via designated ruble accounts. The list of eligible products, which includes items such as pork, meat, and poultry offal, was determined by a government decree.

New Policy Permits Pork Exports to be Conducted in Rubles
Photo by Alexander Plonsky /V&L

The document, specifying the agricultural products for which ruble-based payments are allowed, is now accessible on the Cabinet of Minister’s website. The list includes pork, poultry meat, edible poultry offal, milk, cream, barley, corn, wheat, meslin, soybeans, flax seeds, sunflower, soybean oil, rapeseed oil, as well as sugar, pulp, and other solid residues obtained during fat extraction.

“When making payments for the supply of such products, special ‘Z-type’ ruble and foreign currency accounts can be utilized. These accounts can be opened by overseas buyers at authorized banks. Buyers will have the option to transfer payment in foreign currency to a designated currency account, subsequently selling this currency to an authorized bank or through exchange trading. The resulting funds will then be credited in rubles to the special ruble account and subsequently transferred to the product supplier,” the government explained.

It is important to note that the suspension of operations, seizure, or write-off of funds from these accounts are strictly prohibited (except in cases related to settlements under foreign trade contracts).

The Cabinet of Ministers has additionally emphasized that the approved list was compiled with consideration of data related to the trading of Russian agricultural products on commodity exchanges and the monitoring of over-the-counter transactions. Certain items included in the list were developed in collaboration with industry associations.

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English version, 31 Oct 2023 00:48
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