She became the first among the large Russian companies, the payment of contracts with foreign partners which has tested the mechanism in national currency. How the scheme of payment in rubles works and whether it will work with other transactions? Photo: Dmitry of Serebryakov/TASS the Chinese company has made payment for the goods acquired at an auction for sale of diamonds weighing more than ten carat which ALROSA has held in June in Hong Kong. By agreement with the winner of one of lots the contract provided calculation for goods not in dollars, and in rubles. Payment has been made through VTB branch in Shanghai. Besides, the buyer from India has paid one of planned supply of diamonds in Russian rubles too. As the director of the branch "Uniform Marketing Organization" of ALROSA Evgeny Agureev has told, in this case the buyer has transferred rubles from the account in one more Russian banke:evgeny Agureev the director of the branch "Uniform Marketing Organization" of ALROSA "One of our long-term clients has carried out payment for regular products in rubles. I paid from the open account in affiliated division of one of the largest Russian banks. Payment has been carried out to short terms into the ruble account of ALROSA in this bank at once. We have already applied similar approach in the Chinese market when the client has carried out payment for the won goods within the auction". With the buyer from India more or less clear, he already had rubles on the account. Perhaps, he has received them for some sold goods in Russia, and later for these rubles has bought diamonds, it is actually barter. And here from where Chinese have taken rubles, it is unknown. VTB doesn't open the scheme of the transaction. The asset manager of the International fund of private investments Alexander Dushkin assumes that, most likely, there is an arrangement between the Central Banks of Russia and China on payments in national currencies, and it assumes presence of their some volume in reserves. In this case the Chinese company could buy quite rubles for yuans, passing dollar. However absolutely to refuse dollar in calculations all the same it won't turn out, Dushkin:aleksandr Dushkin the asset manager of the International fund of private investments "Says the paradox is that around the world the prices in dollars. You can write the cost to oil in rubles, but you will constantly recalculate, proceeding from what happens to prices of oil in dollars. Most likely, the Russian enterprises will try this scheme, it will work with all those countries with which the Central Bank have concluded among themselves certain agreements on deliveries of counter currencies. Yes, the role of dollar will decrease before calculations between these countries, certainly. But each of these countries has to have surely the quotation of own currency to US dollar in order that these calculations happened. Otherwise the transaction can't just happen because we don't understand what price". That is for payments in national currency at first it is necessary to establish couple cross rate ruble/yuan, as it has been made. At the same time in the press release of VTB it is reported that "goods cost in local currency —
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