OREANDA-NEWS  Russian electronics importers have almost completely abandoned settlements in dollars and euros and are buying gadgets for the currencies of friendly countries producing them, Izvestia writes. In particular, in the second quarter of 2023, about half of the transaction payments were in Chinese yuan.

"Now, in 99 percent of cases, we use the ruble, yuan, dirham, won, dong," the publication quotes a representative of one of the suppliers. It is noted that this ensures the rapid circulation of currency, as well as it is possible to save on exchange rate differences and even reduce the cost of equipment in some cases.

In particular, the increase in prices is hindered by savings on transaction costs, since importers no longer need to convert rubles into euros or dollars. In general, it is about 1 percent, but the fact that the cost of purchases did not increase when changing settlement currencies is important for sellers and buyers of equipment, the publication quotes the opinion of Eldar Murtazin, a leading analyst at Mobile Research Group.

According to market participants, in the future purchases can be carried out in cryptocurrency. Small sellers are already paying with it, but large retailers are unlikely to switch to calculations of this kind soon, because this requires a legislative framework. Meanwhile, draft laws on the use of cryptocurrencies in cross-border settlements were again not included in the program of legislative work of the State Duma during the spring session, Interfax wrote.

Earlier, Russian Prime Minister Mikhail Mishustin said that Russia and China had almost completely abandoned the use of the dollar in bilateral settlements, increasing the share of using national currencies in three years from 20 to more than 90 percent.