OREANDA-NEWS The Government of the Russian Federation has approved a list of agricultural products, for the export of which payments in rubles are allowed. As reported in the press release of the Cabinet of Ministers, the corresponding order was signed on October 24, 2023.

The list includes pork, meat and edible offal of poultry, milk and cream, barley, corn, wheat and meslin, soybeans, flax seeds, sunflower, soybean and rapeseed oil, sugar, as well as cake and other solid residues obtained during the extraction of fats.

When paying for the supply of such products, special ruble and foreign currency accounts of the "Z" type, opened by foreign buyers in authorized banks, can be used. Buyers will be able to transfer payments in foreign currency to a special currency account, and then sell this currency to an authorized bank or on the stock exchange. After that, the funds in rubles will be credited to a special ruble account and transferred to the supplier of the products. Suspension of operations, seizure or write-off of funds from such accounts are not allowed (unless it is related to settlements under a foreign trade contract).

The list has been prepared taking into account information on trade in Russian agricultural products on commodity exchanges and monitoring of over-the-counter transactions. Individual items of the list have been worked out with industry associations.

The press release reminds that by decree of the President of the Russian Federation, from November 1, a special payment procedure is allowed for contracts for the supply of Russian agricultural products abroad – for rubles through special accounts. The decision is aimed at ensuring Russia's financial stability in the face of external sanctions pressure.