According to the president of the Italian-Russian Chamber of Commerce, Ferdinando Pelazzo, Russian buyers may soon be able to pay for Italian goods in rubles. The Italian business lobby in Russia is working on a payment mechanism that will facilitate this exchange. The need for such a mechanism arises from the challenges faced by trade in unsanctioned goods, such as wine and clothing, due to financial restrictions imposed on Russia.
One of the major hindrances to trade has been the disconnection of Russian banks from the SWIFT international financial messaging system. In an interview with RIA Novosti, Pelazzo expressed the desire to create a system that would allow Russian buyers to pay in rubles to an account in a third country. This would enable the money to be forwarded to Italy, as the payments for the goods are not subject to sanctions, only certain goods. Pelazzo expects the system to be operational within a few months, thereby facilitating easier trade between Russia and Italy.
Pelazzo highlighted the importance of this mechanism, as a large percentage of exports from Italy to Russia remain exempt from Western restrictions. If trade in these goods is compromised, Italy stands to lose significantly. Therefore, finding alternative payment solutions becomes crucial for maintaining business relationships between the two countries.
Additionally, Pelazzo mentioned Russia’s growing partnerships with fellow BRICS countries, namely Brazil, India, China, and South Africa. The BRICS nations have been actively working towards shifting to payments in their national currencies, moving away from reliance on the US dollar and euro. The upcoming BRICS summit in August will further discuss the possibility of a single currency. Pelazzo described this potential development as “the most interesting financial, commercial, and geopolitical change.”
The Italian-Russian Chamber of Commerce’s efforts to establish a payment mechanism for ruble transactions reflect the importance of maintaining trade ties amid changing geopolitical and economic landscapes. As global dynamics continue to evolve, finding innovative solutions for cross-border transactions becomes essential for businesses to thrive. Italy’s focus on facilitating trade with Russia showcases the significance of bilateral cooperation and the willingness to adapt to evolving circumstances.
In conclusion, the Italian business lobby in Russia is actively working on a payment mechanism to enable Russian buyers to pay for Italian goods in rubles. This initiative aims to overcome financial restrictions on trade, and the system is expected to be operational within a few months. Ensuring uninterrupted trade between Russia and Italy becomes crucial, especially with a significant portion of Italian exports exempt from Western sanctions. Moreover, Italy recognizes the importance of expanding trade relationships with other BRICS countries and exploring alternative currency options. These efforts demonstrate the commitment to adapt to changing financial landscapes and strengthen international business ties.
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