Russia’s government put forward a proposal for state-run companies to prepare a list of measures on increasing volumes of ruble payments and shifting away from using the dollar in exports settlements. It is a serious step since the companies exporting energy express their readiness, yet behind the scenes doubt whether importers would agree with that. The ruble is not the safest currency in the world: hyperinflation, rising costs, and exchange rate volatility outweigh patriotism.
It's just business, nothing personal. Major companies, including Rosneft, Gazprom, Transneft, Sberbank, VTB, Gazprombank and some representatives of the Ministry of Finance, Ministry of Economic Development and the central bank gathered for a closed meeting. As a result, both ministries were ordered to examine the possibility of increasing the ruble settlements on export operations, and the central bank was asked to calculate the potential financial risks. The project of partial transition to ruble settlements has been more than once discussed, but in light of recent political events in Eastern Europe, it has become a real need.
The threat of more sanctions from the West makes Russia urgently develop the domestic financial system. So, the government wants to start with payments for gas and oil, and later take up defense contracts. “We can and should increase the volume of settlements in rubles; however, we should not categorically give up other currencies, say, from January 1, 2015. The question is in economic costs and readiness of our banking system,” Russia's Deputy Finance Minister Alexei Moiseev said. Out of all companies, only Transneft approved the new system. Gazprom and Rosneft refused to comment.
