Barter schemes in international trade: how Russia plans to compensate for the shortage of the dollar

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In Russia, there is a discussion about the possibility of discontinuing the use of dollars in international transactions and transitioning to a barter system. Deputy Prime Minister and Minister of Industry and Trade of Russia, Denis Manturov, expressed the opinion that barter mechanisms could be implemented both through the conversion of national currencies and through direct exchanges of physical units of weight.

As reported by the Interfax news agency, Denis Marmutov, speaking at the international forum Innofood-2023 in Sochi, proposed using barter schemes to address economic challenges.

It's worth noting that Russia faced difficulties accessing the American currency after its invasion of Ukraine. The ban on the purchase of foreign currency was introduced on March 9, 2022, but later, in April 2022, Russian banks were allowed to sell foreign currency with restrictions.

In January 2023, the influx of currency into the Russian market dropped by 36% compared to December (15.7 billion dollars) and was halved compared to January 2022. In February 2023, Russia found itself on the brink of a "currency famine" when the largest exporters reduced currency sales on the Moscow Exchange to 10 billion dollars.

In April 2023, Deputy Chairman of the Central Bank of Russia, Dmitry Tulin, emphasised during a working group meeting in the State Duma that restrictions on currency outflows remain an integral part of sanctions until they are lifted, as the currency does not flow into the territory of the aggressor.


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