19 Aug 2022 09:25

Trade mission recommends Azerbaijani, Russian cos do business in rubles

BAKU. Aug 19 (Interfax) - Russia's trade mission in Azerbaijan has recommended that the two countries' companies draw up export contracts in Russian rubles when conducting bilateral trade in order to avoid problems with payments on them through the SWIFT system.

The mission is receiving reports from Russian companies that money transfers in U.S. dollars through the SWIFT system to Azerbaijani partners for provision of services and exports to Russia, as well as payments in U.S. dollars from Azerbaijani buyers for supplied Russian products are being declined or delayed, the mission told Interfax.

The delays can last up to two months and in most cases the money is returned to the payer, companies reported.

"The trade mission recommends that economic operators of Russia and Azerbaijan draw up export contracts in Russian rubles," a spokesman for the mission said.