Why Severstal is moving away from the dollar
The threat of US sanctions is forcing Russian enterprises to resort to preventive measures.
In an interview with reporters from Bloomberg, the American Severstal deputy director, Aleksey Kulichenko, said that in its export deals the company is moving away from the dollar and prefers the euro or national currencies.
Since the main shaft of Severstal products goes to Europe, the transition to settlements in euros did not cause any problems.
Threats from the United States to impose sanctions on Russian companies forced Severstal to transfer fixed assets for storage to Russian state banks, leaving the minimum possible amount in dollars on their accounts.
Previously, the company's dollar balances in the accounts amounted to 1 billion dollars, but now they have decreased to 300 thousand.
The US sanctions against Oleg Deripaska and Rusal have become a signal for many Russian companies. Now Severstal’s example, secretly or explicitly, is being followed by other manufacturers, withdrawing funds to Russia and, if possible, avoiding settlements in dollars.
In turn, the Ministry of Finance of the Russian Federation, the Ministry of Economic Development and the Bank of Russia have developed a plan to de-dollarize the Russian economics, which provides for various benefits for companies that will use settlements in rubles.
In an interview with reporters from Bloomberg, the American Severstal deputy director, Aleksey Kulichenko, said that in its export deals the company is moving away from the dollar and prefers the euro or national currencies.
Since the main shaft of Severstal products goes to Europe, the transition to settlements in euros did not cause any problems.
Threats from the United States to impose sanctions on Russian companies forced Severstal to transfer fixed assets for storage to Russian state banks, leaving the minimum possible amount in dollars on their accounts.
Previously, the company's dollar balances in the accounts amounted to 1 billion dollars, but now they have decreased to 300 thousand.
The US sanctions against Oleg Deripaska and Rusal have become a signal for many Russian companies. Now Severstal’s example, secretly or explicitly, is being followed by other manufacturers, withdrawing funds to Russia and, if possible, avoiding settlements in dollars.
In turn, the Ministry of Finance of the Russian Federation, the Ministry of Economic Development and the Bank of Russia have developed a plan to de-dollarize the Russian economics, which provides for various benefits for companies that will use settlements in rubles.
- http://www.govermentpolit.ru
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