OREANDA-NEWS  The Ministry of Agriculture of the Russian Federation has prepared a draft presidential decree "On a special procedure for opening settlement accounts in non-bank credit institutions - central counterparties by foreign buyers of agricultural products", which provides for a mechanism for exporting agricultural products, primarily grain, for rubles.

According to the document posted on the website of the preparation of regulatory legal acts, the National Clearing Center (NCC), based on the applications of foreign buyers, will open special ruble accounts of the "Z" type and special currency accounts of the "Z" type for the admission of buyers of Russian agricultural products, the list of which will be determined by the government, to stock trading and for settlements for this products.

NCC has the right to open such accounts without the personal presence of a representative of a foreign buyer.

According to the proposed mechanism, a foreign buyer will transfer funds to a special foreign currency account of the "Z" type in foreign currency, the NCC will sell them at exchange auctions, transfer the proceeds in rubles to a special ruble account of the "Z" type of this foreign buyer and transfer the credited funds in rubles to a ruble account opened by a Russian supplier.

The mechanism does not allow the suspension of operations on a special ruble account of the "Z" type and a special currency account of the "Z" type, the seizure or write-off of funds held in these accounts as part of the fulfillment of obligations of a foreign buyer not related to payment under a contract for the supply of agricultural products.

The authority to establish the regime of a special ruble account of the "Z" type and the regime of a special currency account of the "Z" type is proposed to be provided to the Board of Directors of the Central Bank of the Russian Federation.

As Chairman of the Grain Exporters Union Eduard Zernin told Interfax, the union participated in the development of a payment mechanism for rubles. "The proposed mechanism is not exceptional, exporters can continue settlements in foreign currency, as it is happening now. The issue of using the national currencies of importing countries is not worth it, it is rather a protective mechanism when tightening sanctions on traditional foreign trade settlements. We feel systemic pressure on this issue, despite repeated vociferous statements to the contrary," he said.

"At the same time, it should be understood that without creating a source of ruble liquidity, it will be difficult to launch a new mechanism. But this is the problem. The Ministry of Finance opposes the presentation of inter-state loans in rubles to friendly importing countries of our grain. If the state is not ready, we need a market mechanism that will supply ruble liquidity to foreign buyers," he said.

According to Zernin, the analogy with gas calculations is not entirely correct, "since the NCC is not a classic bank, but the clearing house of the Moscow Exchange and the National Commodity Exchange." "That is, we are talking about simplifying the access of friendly countries to the exchange currency and commodity markets, and not servicing a specific foreign trade contract," he explained.