Development of International Payments in National Currencies in Russia’s Foreign Trade

Abstract

Foreign trade in goods is one of the most important tools for the development of the Russian economy. On the one hand, foreign trade meets the country’s needs for various goods, the production of which is absent or does not fully satisfy domestic demand. On the other hand, foreign trade allows Russian goods to gain access to international markets, diversifying sales channels. It is important to note that foreign trade activities are impossible without a developed international settlement mechanism, which provides buyers of goods with the opportunity to pay sellers, and sellers with the opportunity to receive foreign exchange earnings for goods supplied. According to established practice in world trade, most international payments are carried out using two reserve currencies: the US dollar and the euro. At the same time, in relation to Russian foreign trade, the use of the US dollar and euro in international payments has become extremely difficult due to the introduction by Western countries of a large number of anti-Russian sanctions, which also affected the sphere of international fi nance. The article analyzes the problems of implementing international payments, based on the results of which specifi c proposals were developed that will contribute to the development of Russian foreign trade. The problems of international payments caused by the introduction of anti-Russian sanctions by Western countries in the fi eld of international fi nance can be solved through an active transition to the national currencies of counterparty countries when concluding international purchase and sale transactions. When trading with countries with which Russia applies a free trade regime, it is advisable to use the Russian ruble as the currency of international settlements. In addition, in order to speed up international payments, it is proposed to switch to electronic document management, which implies the signing of international sales and purchase agreements and the exchange of transaction documents in electronic form using an electronic signature.