Alrosa reported that it tested a payment mechanism with foreign clients from China and India in Russian currency. According to a press release, “If necessary, the Company is ready to use this payment scheme in rubles in the future”.
According to Alrosa, the Chinese company paid in rubles for the goods purchased at the auction for special-size rough diamonds (+10.8 carats) in Hong Kong in June. A long-term client from India paid for one of the scheduled diamond supplies under the contract in Russian rubles.
According to Evgeny Agureev, Director of USO ALROSA, “payment through foreign branches of Russian banks makes it possible to speed-up and simplify the payment process, as there is no more need to use correspondent accounts with other banks”. Agureev added that “the experience is positive, so we will apply it on an as-needed basis”.
