Russian and UK companies can switch to payments in their respective national currencies the ruble and the pound if necessary, Russia's Trade Representative in the United Kingdom Boris Abramov told Sputnik.
LONDON (Pakistan Point News / Sputnik - 15th October, 2018) Russian and UK companies can switch to payments in their respective national currencies the ruble and the pound if necessary, Russia's Trade Representative in the United Kingdom Boris Abramov told Sputnik.
According to the official, Russian companies operating in the United Kingdom can switch to payments in the pound at any moment.
"The British pound is as freely convertible as the Dollar and the euro. There is a ready infrastructure for transactions in this Currency between the two countries. It is easy for a Russian company to open an account in Pounds with a Russian or foreign bank ... The Russian importer may also buy pounds on the Moscow Stock Exchange and use them for transactions," Abramov said.
However, it is slightly more difficult for UK companies to switch to transactions in the ruble, as there are no ruble accounts in the country and "banks do not understand how stable this currency is, which leads to an increase in the cost of payments in this currency."
"It will be simply more expensive for both sides, so few people will agree to this. However, nothing prevents Russian exporters from demanding payments in the ruble for supplies of their goods, they can formally do it," Abramov explained.
