Italian businesses want to switch to rubles in Russia trade

Lazy eyes listen


According to the president of the Italian-Russian Chamber of Commerce, Russian buyers should be able to pay for Italian goods in rubles, and the Italian business lobby in Russia is working on a method to do this.

In an interview with RIA Novosti, Ferdinando Pelazzo stated that Russia’s financial limitations, notably the disconnection of its banks from the SWIFT international financial messaging system, have made commerce in unapproved commodities such as wine and apparel impossible.

“We want to build a system that allows Russian buyers to pay us in rubles to a third-country account, which we will then transfer to Italy.” After all, only certain things are sanctioned, not payments,” he explained.

He stated that the technology might be operating within a few months.

Since last year, many exports have been subject to Western restrictions; however, 49% of the commodities are exempt, and if commerce in these goods is disrupted, “Italy will lose a lot,” Pelazzo said.

He emphasized Russia’s increasing ties with fellow BRICS members Brazil, India, China, and South Africa. The BRICS countries have been seeking to replace the US currency and euro with payments in their native currencies. The EU will consider a unified currency at the forthcoming meeting in August, which Pelazzo called as “the most interesting financial, commercial, and geopolitical change.”