BUSINESS-ECONOMY
International trade settlements are becoming more and more delayed, leading to an accumulation of proceeds from Russian exports abroad. This is driven by US pressure on financial institutions in nations that are still favourable to the Kremlin. New data from the Bank of Russia shows that foreign financial assets jumped over 60 billion dollars in the first eleven months of 2024, up from 43 billion dollars last year, the November data marks the rise in Russia's foreign assets for the third consecutive month. Russian firms' accounts receivable have accumulated, and the central bank blamed the delay in payments for overseas trade on the buildup. The volume of Russian trade with other countries has not decreased and remains unchanged from last year. This is despite payments to and from trading partners becoming more difficult and delayed. Exports totalled 386 billion dollars in the first eleven months. Between January and November, imports fell 3 per cent to 267.5 billion dollars. However, imports have been steadily climbing back up, with a 6.6 per cent increase in November following a 17.5 per cent rise in October. After starting its full-scale invasion of Ukraine in February 2022, Russia dramatically shifted its foreign trade towards the east. In November, the US hit the last remaining channels for Russian commercial payments abroad by fining some fifty Russian banks that maintained links to the international monetary system. As a result, the rouble fell by almost 10 per cent in November, while trade was relatively unchanged. Russia's primary commercial partners have mostly seen a stop in direct payments. Still, using middlemen and often exchanging roubles, Russia's commodities trade is booming even today. (With inputs from the agencies) A journalist, writing for the WION Business desk. Bringing you insightful business news with a touch of creativity and simplicity. Find me on Instagram as Zihvee, tr None
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