Russia lost a third of its imports due to payment problems

Sanctions and payment problems dealt a big blow to Russian imports. This was said by the heads of the Central Bank of the Russian Federation, The Moscow Times wrote.

According to top managers, there was no seasonal increase in imports during March-April. The dynamics of imports can be affected by problems with payments.

In addition, the value of imports this year is slightly lower than last year, and taking into account currency inflation and rising costs, the reduction in physical terms is significantly greater. According to SberCIB analysts, imports into Russia are about 30% lower than they could be.

The main reason is the difficulties in paying for the goods. A survey of more than 1,000 companies showed that only 15% of payments made since February (when the United States threatened banks in China, Turkey and other countries with secondary sanctions – ed.) will reach recipients in early June. Most others are checked by the bank.

Payment and delivery of goods are becoming increasingly expensive for importers. The delivery of goods from China is rapidly becoming more expensive and in mid-June reached its highest level since the beginning of 2023.

The fall in imports leads to a reduction in the supply of goods and services and an increase in transaction costs for importers, which, while maintaining high domestic demand, can have a pro-inflationary effect, the Central Bank of the Russian Federation noted.

We remind you that the ambassadors of the EU member states reached an agreement and adopted the 14th package of sanctions against Russia. The new package provides new measures and also strengthens the effect of previously imposed sanctions, closing possible loopholes for the Russian Federation.

The United States has said it is ready, if necessary, to impose new sanctions against third countries for supporting Russia to curb the pressure and end the aggression.