The head of AvtoVAZ proposed to create a new state structure for payments in foreign currency

In RUSSIA, it is necessary to create a new state settlement center in order to receive payment in various currencies, the HEAD of AvtoVAZ said. Now Russian exporters are experiencing problems with mutual settlements with foreign partners Maxim Sokolov

AvtoVAZ, like all Russian exporters, is experiencing "certain problems" with financial settlements with its foreign partners. This was stated by AvtoVAZ President Maxim Sokolov, speaking at the Innoprom-2023 exhibition on Monday, July 10, RBC correspondent reports.

“We expect that the state policy will be aimed at structuring such mutual settlements. This requires intervention at the interstate level, and, of course, we expect that Russian ministries, not only the Ministry of Industry and Trade, will carry out painstaking work with central banks to build such chains of financial settlements, connect commercial banks to the financial messaging system - this is the Russian analogue of Swift ', Sokolov said. According to him, without this, payments will go through, but for a long time, which "is unacceptable for today's speed of business relations."

“We need such a state clearing house to support payment in various currencies. We do not have a very positive experience of mutual settlements with Bolivia, with the Bolivian Boliviano. And, of course, we would like such calculations to be carried out more systematically, and this is possible only as part of the consolidation of all industries and enterprises,” the top manager emphasized.

Russian companies faced difficulties in carrying out cross-border settlements after the imposition of large-scale sanctions against the Russian financial market in 2022 after the start of Russia's military special operation in Ukraine . Thus, a number of large banks were disconnected from the SWIFT international financial messaging system, which is used to make currency transfers. Now ten Russian banks are disconnected from it: Sberbank, VTB, Otkritie, Rosselkhozbank, Novikombank, Promsvyazbank, Rossiya, Sovcombank, VEB.RF state corporation and MKB. Difficulties in using the system may also arise for other credit institutions.

Back in 2014, an analogue of SWIFT was launched in Russia to reduce sanctions risks - the Financial Message Transfer System (SPFS). It can act as a replacement for SWIFT in the domestic market, but its use abroad is limited. As Alla Bakina, DIRECTOR of the department of the national payment system of the Central Bank, reported in February 2023 , 115 non-residents are connected to the system. In total, its participants are more than 400 users. About 11 thousand organizations (not only banks) are SWIFT participants.

AvtoVAZ EXPORT

According to Sokolov, AvtoVAZ has "considerable experience of cooperation with various countries" and is negotiating the export of its cars to the Persian Gulf countries. Now the deliveries of Lada cars are being discussed, including with the United Arab Emirates, Oman and Syria, and the prospects for developing relations with Iran and Turkey are also being considered. “We are open to new projects together with our partners in various countries of the Middle East region: there is an active negotiation process for the export of our cars and, perhaps, the organization of assembly plants in the Gulf countries, since this is a logical fast-growing region for the formation of strong industrial, financial and logistics links,” he said. In addition, AvtoVAZ sees great potential in Vietnam and the African continent. The company's export volume in 2023 may reach 10-15 thousand cars (with production plans from July to 30 thousand cars per month), he predicts. Next year, the company expects to increaseexport "several times". “This shows our focus on the development of the export component, which is very important for our business,” Sokolov concluded. Earlier, Deputy Prime Minister and head of the board of directors of AvtoVAZ Denis Manturov said that in 2023 the plant would produce about 400 thousand cars.

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For sanctioned banks, transfers in dollars or euros are no longer available. Since the spring of last year, foreign credit institutions have begun to turn off correspondent accounts for Russian banks, regardless of whether they are on the sanctions lists, or have stepped up verification of transfers from Russia. As a result, large banks under sanctions were forced to either completely curtail the direction of international transfers, or set up alternative ways to conduct them. “There is a request from banks, from business, they often ask us how we can pay in dollars, in euros, it is very expensive, difficult,” said Mikhail Kovrigin, director of the department for organizing international settlements of the Central Bank. — You have to understand that our main message is that the situation, the world has changed. Therefore, settlements with friendly countries in national currencies are exactly the direction that is actually the main one.”

However, at the end of April 2023, the head of the Central Bank, Elvira Nabiullina, announced problems with payments for Russian goods in alternative currencies, in addition to the DOLLAR and the euro. “We are now actively transitioning settlements to national currencies – different national currencies. This transition is different. Because some national currencies have restrictions, including currency restrictions,” she noted. As an example, Nabiullina cited Indian rupees, which are “quite difficult for Russian exporters to repatriate, withdraw abroad”: “That is, these rupees must either be demanded for imports, or they must be invested in some kind of rupee financial assets.” Then she said that these "problems are known", "we naturally discuss them." RBC sent inquiries to the press services of the government, the Ministry of Industry and Trade, the Central Bank and the Russian Export Center.