The order enables foreign buyers to use special ruble or foreign currency accounts of type “Z” when making payments for Russian farm products. The Cabinet of Ministers will approve the list of such products within 30 days.
Special accounts will be opened at the request of foreign buyers in authorized banks subject to the law on currency regulation and currency control. According to the executive order, after funds are credited to the special currency account of type Z, a foreign buyer sells currency to the authorized bank or entrusts the bank to sell the currency at auction. The bank will afterwards transfer the funds in rubles to a special account of type Z, opened at the request of the foreign buyer, who will then transfer the money to the account of the seller of farm products.
The paragraphs of the executive order establishing the procedure for settlements and the opening of special accounts will come into force on November 1, 2023.
