The Trade Representative of the Russian Federation in the United Kingdom announced that Russia is ready to turn to reciprocal payments in national currencies with the UK

LONDON, 15 Nov — RIA Novosti, Natalia Kopylova. Russian and British companies, in case of political and economic necessity, can abandon the dollar and switch to settlements in rubles and pounds. According to the Trade Representative of Russia in the UK, Boris Abramov, the infrastructure for these changes already exists.
He stated that companies which are doing business with Great Britain can switch to paymentsin pounds at any time if it is necessary.

«The British Pound is the same freely convertible currency as the Dollar and the Euro. There is a ready infrastructure make payments between the two countries in this currency. For a Russian company is very easy to open an account in pounds in a Russian or foreign Bank. The Russian importer can also buy pounds on the Moscow Exchange and pay them off», B. Abramov said.

For British companies it is a bit more difficult to switch to rouble as there are no rouble accounts in British Banks now. «Currently, local banks do not understand how stable this currency is», this leads to a rise in the cost of payments. For the parties, it will be simply not profitable, so few will agree to this. However, nothing prohibits the Russian exporter demanding rubles for the supplying of goods. Formally, he has a possibility to do it. Now the dollar is used for the reason that it is convenient to all participants in transactions — to the seller, the buyer and the Bank», explains B.Abramov.

«But if the British companies have any restrictions on the use of dollars in the calculations, the system will immediately change on other currencies, for example, the Pound or the Euro. Nothing will prevent the transition to another currency if there are any political obstacles to the use of the US currency. But while there is no need, it is economically easier and cheaper to pay in dollars», Trade representative assures.

Boris Abramov noted that first companies able to get away from the dollar will be those who sell off-exchange goods, which price is not tied to the US currency. He also pointed out that several Russian companies are already paying with British partners in the British currency. «We do not control the calculations. I do not exclude that now the Pound is already used forreciprocal paymentsalong with the Dollar and the Euro. But, hydrocarbons are still the basis of Russian exports, and that's the exchange commodity. According to this its pricing is formed and will be formed exclusively in dollars», he added.


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