Current problems of currency operations in foreign economic activities

Abstract

International trade in goods is one of the most important tools for the development of the world economy. International trade meets the needs of the countries of the world in various goods, the production of which is absent in this country or does not fully satisfy domestic demand. Almost all countries in the world are interested in the development of international trade in goods. On the one hand, countries provide domestic needs through international trade. On the other hand, commodity supplies to international markets contribute to the infl ow of foreign exchange earnings into the country, the establishment of international economic relations and, in general, can ensure the economic growth of the country. The main tool for the development of international trade is the foreign economic activity of organizations from around the world. Organizations engaged in foreign economic activity provide world markets with the necessary goods and services. At the same time, the exchange of goods and services at the international level is impossible without foreign exchange transactions. In international trade, most foreign exchange transactions are carried out through bank transfers through the international SWIFT system. In 2022, the main banks of Russia were disconnected from the SWIFT system as a result of the imposition of sanctions, which became a serious obstacle for Russian organizations engaged in foreign economic activity. The article analyzes the problems of currency transactions in the implementation of foreign economic activity, based on which specific proposals have been developed that will contribute to the development of foreign economic activity of Russian organizations. The problems of foreign exchange transactions caused by the imposition of sanctions against the Russian banking sector can be resolved by switching to the currencies of “friendly” countries when concluding international sales transactions, taking into account the trade balance indicators with the country of the foreign counterparty. If a Russian organization is both an exporter and an importer of goods or services, then it is recommended that foreign exchange transactions be carried out under sanctions by off setting counterclaims.