World meat industry news

By presidential decree, from November 1, a special payment procedure is allowed for contracts for the supply of Russian agricultural products abroad - in rubles through special accounts. The list of such products is approved by government order. The list, in particular, included pork, meat and poultry by-products.

An order with a list of agricultural products for which exports can be paid for in rubles was published on the Cabinet of Ministers website. The list includes pork, poultry meat and edible by-products, milk and cream, barley, corn, wheat and meslin, soybeans, flax seeds, sunflower, soybean and rapeseed oil, sugar, as well as cakes and other solid residues obtained during extraction fat

“When making payments for the supply of such products, special ruble and foreign currency accounts of type “Z” can be used, opened by foreign buyers in authorized banks. Buyers will be able to transfer payment in currency to a special currency account, and then sell this currency to an authorized bank or on an exchange. After this, the funds in rubles will be credited to a special ruble account and transferred to the product supplier,” the government explained.

It is noted that the suspension of operations, seizure or write-off of funds from such accounts is not allowed (unless this is related to settlements under a foreign trade contract).

The Cabinet of Ministers also added that the approved list was prepared taking into account information on the trade of Russian agricultural products on commodity exchanges and on the monitoring of over-the-counter transactions. Certain items on the list have been worked out with industry associations.