Russian Agricultural Bank and FEA experts discuss trends in international settlements for 2022

15 November 2021

On November 10-12, the Autumn session of the forum “International import and export day 2021” took place in Moscow online. Within the framework of the forum, on November 11, Russian Agricultural Bank held the 5th anniversary interbank conference on Foreign Economic Activity (FEA). The conference theme was international settlements in the context of new challenges of the global economy. At the conference, business community representatives shared their personal experience in conducting international settlements.

Experts discussed the impact of foreign policy on settlements in foreign currencies, how to ensure uninterrupted payments, and what to do if a payment is delayed, how to search for it, and what service is available to FEA participants. The participants also discussed the directions of development of the SWIFT system, and settlements with China as one of the main markets for the FEA growth priorities for Russian companies.

“Russian Agricultural Bank currently provides a full range of settlement operations in foreign currency for its clients and respondent banks, making settlements in 19 foreign currencies in which the Bank has direct correspondent accounts with foreign banks. If our clients need settlements in other currencies, it is possible to make payments in auto-conversion mode, when a payment is made from the bank’s correspondent account, e.g. USD or EUR, in any of the foreign currencies available for cross-conversion. This list usually comprises over 40 names of foreign currencies,” said Dmitry Dolgov, Head of the Financial Institutions Division of Global Markets Operations Support Department at RusAg.

The conference participants paid special attention to the impact of the ESG approach on international settlements.

“The Bank provides active non-financial support to its clients. Small and medium-sized business actively use ‘package’ or ‘boxed’ solutions. This is, for example, an integrated package of services that includes servicing an export contract, making payments under the contract, performing currency conversion, etc. Among the large businesses clients, most in demand are individual or ‘boutique’ solutions for each specific transaction. The Bank is able to satisfy the most complex request and the most sophisticated need; and is ready to provide high-quality service to any of its clients, both in terms of their FEA and in terms of their domestic needs, which also then turn into export activities," said Sergey Goryainov, Managing Director within Global Markets Operations Support Department at RusAg.