Logistics is directly related to payments in different currencies. For example, to bring cargo from China for sale in the Russian Federation, you first need to buy it from Chinese partners. And if earlier such transactions looked as simple as possible: transferring money (usually dollars) through SWIFT, now participants in transactions have to look for alternative ways.
What about payments between Russia and China?
Basically, all transactions take place in yuan. Chinese state-owned banks continue to work with Russia as usual, although now sometimes they carry out additional compliance. But, in general, if the documents are in order and the banks have no questions, then there will be no problems with payments.
Sometimes transactions take place in rubles. Most often when China purchases products from Russia. In general, the share of payments in US dollars between these countries tends to 0.
Payments between Russia and Turkey
Turkey promises to fully regulate bank transfers from the Russian Federation by the end of January 2024. As they promise, payments will be made through private Turkish banks.
The problem of remittances for the following sectors: ready-made clothing, textiles, food, footwear has already been completely resolved. Funds began to flow through Emlak Katilim Bank.
The countries are now continuing negotiations to resolve the issue of cash payments for companies in the engineering and automotive sectors.
Payments between Russia and the UAE
As we all know, logistics and business between countries is developing every day. And so far, businessmen have no difficulties making payments between countries.
Many Russian banks make payments in AED, and Arab banks also work with the ruble.
Payments between Russia and CIS countries
Everything is very simple here. Payments are most often made in rubles; there are no restrictions between banks. If there are no problems with the documents and the banks have no questions, payments are processed quickly and without additional compliance.
Payments between Russia and Iran
Payments between these countries are made directly, SWIFT is not used. This significantly facilitates money transfers and has a positive effect on the number of transactions.
Key trends in cross-border payments
Transition to yuan. This is the currency of China, which can be exchanged in almost any country in the world. Considering that almost all countries trade with China, it is beneficial to use it.
Leaving SWIFT. For example, in 2023, its turnover increased significantly. Banks from Belarus, Armenia, Kazakhstan, Tajikistan, Kyrgyzstan, Cuba and other countries are connected to the system. More than 15 countries and more than 550 financial market participants cooperate with this system.
Transition to direct payments. As in the example of trade with Iran. This facilitates money exchange between countries and has a positive effect on the development of trade relations.
Logistics, money exchange and trade in general are areas that change very rapidly. New routes and ways of exchanging information are constantly emerging, difficulties arise that are certainly resolved.
And those companies that are ready to change, ready to innovate, and always ready to keep up with the times achieve success on this difficult path.