Modern economic realities are pushing participants of foreign economic activity to search for alternative methods of payment with foreign suppliers. The possibility of concluding barter transactions in international trade was legally established in the Russian Federation back in 2003, but it was not popular. In October 2024, the Ural Customs processed the first foreign trade transaction with China, under which a Russian company exchanged flax seeds for household appliances, building materials and other goods from the Middle Kingdom.
Historical context
In the recent history of Russia, barter was popular in the 1990s, when the country's economy was going through a transition period and the monetary system was unstable. Companies exchanged products directly to maintain production and trade. Over time, with the development of the financial system, this type of mutual settlements receded into the background, giving way to monetary payments.The return of barter: reasons and advantages
In recent years, interest in this type of mutual settlements has increased for several reasons:- Western sanctions and restrictions on international payments have complicated traditional monetary settlements.
- Fluctuations in exchange rates and differences that barter allows to minimize.
- Payment delays or banks' refusal to conduct transactions slow down trading operations.
- Complexity of valuation. Determining the equivalent value of the goods being exchanged can be difficult and require lengthy negotiations.
- The logistical component can be more complicated than with monetary settlements, especially if the goods have different volumes and transportation requirements.
- This type of mutual settlement requires careful legal study to avoid misunderstandings and disputes between the parties.
Prospects and conclusions
The return to barter свидетельствует about the flexibility and adaptability of Russian business in the face of foreign economic challenges. Although this format of payments will not completely replace monetary transactions, it is becoming an important tool for maintaining and developing international trade in the Russian Federation.In 2022, negotiations were also held on commodity exchange with Turkey and Iran, but there was no confirmation of such deals with commercial companies. Now a working group has been created in the Sverdlovsk region, which includes representatives of the customs service, the tax service and business. It discusses possible options for mutual settlements with China, including barter. Thus, commodity exchange is becoming relevant again, offering FEA participants alternative ways of interacting with buyers and suppliers during import-export supplies.