Bloomberg: The problem for those imposing sanctions is that the Russian Federation has stopped disclosing information about accounts in foreign currency

Despite the large-scale sanctions imposed by the West on Russia, Moscow manages not only to maintain profits from exports, but to increase them. Writes about this agency Bloomberg.

Today, tens of billions of dollars and euros, according to the agency, come to Russia from the sale of oil, gas, food on the world market. Although anti-Russian sanctions hit most of the country's banks, the National Clearing Center (NCC) was able to avoid them. It plays a key role in energy trading and has shown growth in its foreign exchange reserves.

The main part of the money in the National Clearing Center is kept in yuan. The Chinese currency has become an alternative to dollars, euros and other currencies of unfriendly states in a difficult foreign policy situation. In addition, other lending institutions are also seeing an increase in RMB deposits.

Although the United States and the European Union are trying to isolate Russia from their financial systems, they are not doing well, the agency emphasizes in its publication. Russia has been able to create such tools and mechanisms that significantly reduce the harm to the national economy from Western sanctions, and one of the most important among them is the storage of profits in yuan, since China is a friendly country.

The National Clearing Center has the ability to make payments in dollars and has correspondent accounts in American banks. However, since the danger of imposing sanctions against the NCC remains, the bulk of the dollars at its disposal have already been converted into Chinese currency.

Bloomberg also notes that Russia has stopped disclosing information about foreign currency accounts and its gold and foreign exchange reserves. This is due to the arrest in the West of 300 billion dollars of Russian money. The lack of such information leads to additional problems for those who impose sanctions against the Russian Federation.

As for the NCC, Russia demands that payments for Russian gas be made through it. Therefore, sanctions against the NCC will lead to the cessation of supplies of energy resources vital for Europe.

Bloomberg Economics estimates the total windfall at over $100 billion. In the third quarter of 2022 alone, net asset accumulation from foreign earnings was almost $47 billion. At the same time, Western experts cannot name exact data.

Comments

[Thrifty]

An article from the category of how do we "have the West"? Will the site write about financial outflows this year? And about the fact that billionaires are sitting near Putin, who, in order to save their loot, will easily give impudent Saxons any, even secret information, to think hard?

[Zagrebun]

And about the fact that billionaires are sitting near Putin, who, in order to save their loot, will easily give any, even secret information to the impudent Saxons hard to think?

I will give you parabellum (c)

[malyvalv]

If exports are 2 times higher than imports, then the difference will somehow remain in foreign accounts and will sit in the "capital withdrawal" category. The problem is not in this but in the imbalance of exports and imports.

[paul3390]

Why, in the current situation, is it necessary to sell more than is necessary for critical imports? Again useless pieces of paper for the Western bourgeoisie to put in their pockets?

[malyvalv]

Not everything is so simple in this life. To restrict exports = to deprive companies working for export. Increase imports = do not allow domestic producers to develop.
The only way out is to increase trade for rubles. This is a strategic issue.

[Geosun]

Well, firstly, there are long-term contracts, failure to fulfill which threatens with fines. And Some counterparties still fulfill their contracts. Secondly, it is very difficult to "plug" a pipe with gas or oil. If oil is rushing, where to put it? So simple solutions don't always work.

[malyvalv]

Oil hasn't been going anywhere for a long time. They pump it up. Just turn off the pump and that's it. If it's a gas well, then just close the tap.
Most of the gas storages are former fields. Gas perfectly enters, is stored and exits.

[grindz]

My brother works in the oil industry, servicing wells. Back in the spring, I asked him if it was easy to cut off a well, and then restart it when necessary. I thought it was a very big problem. But he told me that there is nothing complicated about it. A purely technical and calmly resolved issue. They have to periodically cut down emergency drilling rigs and then, after repair, put them back into operation.

[Johnson Smithson]

the difference will somehow remain in foreign accounts

how will it stay there if gas is now being sold for rubles?

[malyvalv]

In fact, gas recipients pay in euros. Simply, Gazprom takes into account the payment in rubles after the exchange operation on the stock exchange. This scheme is built in an attempt to protect the NCC (national clearing house) from SWIFT shutdown. Since in this case, Gazprom will not be able to receive payment for gas with the corresponding consequences.
And to disconnect the NCC from SWIFT or from foreign correspondent banks in the West, oh, how itchy for a long time. This would be a very serious blow to both our exports and imports.

[Johnson Smithson]

In fact, gas recipients pay in euros.

gas recipients buy rubles for euros on the stock exchange, and rubles go to Gazprom's account

individuals and importers buy currency on the exchange, it is withdrawn from importers back from Russia for goods, and individuals buy at their own peril and risk, they themselves understand that they can lose it, but private traders are unlikely to block currency accounts

And to disconnect the NCC from SWIFT or from foreign correspondent banks in the West, oh, how itchy for a long time.

well, they will turn it off, but how will they buy gas?

This would be a very serious blow to our exports and imports.

Imports now will mainly be from China, disconnecting from SWIFT will not affect it in any way, and nothing needs to be disconnected to cut off exports to the West, it’s easier for them to stop buying)

[malyvalv]

Gazprombank is engaged in exchange operations. The gas buyer has 2 accounts opened there in euros and rubles. Payment is considered received when Gazprombank has exchanged euros received as gas payment into rubles and transferred them to Gazprom's ruble account.

The share of the dollar in trade transactions with China, India and other "friendly" countries is still very high. The shutdown of the NCC would slow down this trade very seriously.

[Johnson Smithson]

Gazprombank is engaged in exchange operations. The gas buyer has 2 accounts opened there in euros and rubles. Payment is considered received when Gazprombank has exchanged euros received as gas payment into rubles and transferred them to Gazprom's ruble account.

In Gazprombank, only accounts are open. The exchange operation itself takes place on the exchange.
The euro account in Gazprombank does not belong to Gazprom, but to the buyer. Therefore, it is useless to block it, they will block their own money.
As a result, Gazprom does not have any currency left, it is sold on the Moscow Exchange during the exchange.

The share of the dollar in trade transactions with China, India and other "friendly" countries is still very high.

So this is good, we spend the currency and it is withdrawn, not lying.
The currency that is sold by gas buyers on the exchange is bought by importers, and then they spend it on imports from China, India, etc.

Disconnecting from SWIFT will not affect operations with dollars, these are generally different things. SWIFT is only a system for transferring information between banks, it was somehow transferred before it) it just took several days before. And we have SPFS, an analogue of SWIFT, working with China, and China has its own analogue of CIPS.

Only the freezing of all dollar correspondent accounts of all Russian banks will have an effect. But Russia has a lot of foreign trade, this will only lead to the fact that most of the world economy completely abandons the dollar and replaces it with the yuan. For the US, that would be a shot in the foot. The process of de-dollarization has already begun.

[malyvalv]

So this is good, we spend the currency and it is withdrawn, not lying.
The currency that is sold by gas buyers on the exchange is bought by importers, and then they spend it on imports from China, India, etc.

Well, that's good, but we can't spend all the currency.

Disconnecting from SWIFT will not affect transactions with dollars

Operations with dollars go only through American correspondent banks and only through SWIFT. No options.

[Johnson Smithson]

https://www.forbes.ru/finansy/453243-valutnye-skrepy-pocemu-rossiu-slozno-otklucit-ot-dollara

It must be remembered that SWIFT is not a payment system in itself, but only a specific messenger, a system of standardized messages between banks. Financial institutions exchange payments, which only confirm the transactions themselves, sometimes other financial documentation is present in the transfer. Once upon a time, SWIFT replaced messages by telegraph and telephone, becoming a convenient and universal means of confirming transactions, within which more than 8,4 billion messages are sent annually.

The hypothetical disconnection of Russia from this system will definitely complicate the confirmation of transactions for some time, but the transfers themselves in foreign currency will not be banned - this requires separate sanctions against Russian banks and financial companies.

[malyvalv]

Stupidity written. So of course it's just an exchange of information. But the fact is that American banks, apart from SWIFT, do not provide for any other exchange of information. No telegraph, no teletype, nothing. And dollars are transferred only through American banks.
With yuan, yes, there will be no problems. With rupees, it is also likely that if the Americans do not put pressure on it, as our map of the world has already been blocked almost everywhere abroad.

[Johnson Smithson]

But the fact is that American banks, apart from SWIFT, do not provide for any other exchange of information.

this is not true

firstly, SWIFT is headquartered in Belgium, American banks (and the dollar) of course will not be completely dependent on a system that is not controlled and managed in another country

secondly, America has its own messaging systems, such as CHIPS, Fedwire, ACH
SWIFT is only the most common system, but not the only one, there are dozens of them in the world

if the correspondent account in an American bank is not blocked, then the bank will (obliged) to accept orders on it, by swift or not, it doesn’t matter, at least by phone, it’s already his problem to provide the client with a method for how he will send orders

[malyvalv]

We also have our own systems. SPFS for example or Telex (I think he is still alive). But they are not in America. We don't have CHIPS or Fedwire or anything. And what to do?
When the United States needed to block Swift, Sberbank, VTB, Rosselkhoz and others, the Belgians obediently did everything. So they have great control over everything.

[Johnson Smithson]

And we do not have CHIPS, Fedwire and other things

who said no?
CHIPS has 190 countries and 55 currencies, probably also used in Russia

When the United States needed to block Swift, Sberbank, VTB, Rosselkhoz and others, the Belgians obediently did everything. So they have great control over everything.

do not confuse the control of politics and the control of the financial transactions themselves

The United States will not give all its financial flows under the full control of a European organization, this is nonsense

Yes, and I have already said what systems are in use in the USA, so your statement that American banks use only SWIFT is incorrect,
and for example, in transactions using the dollar, CHIPS is much superior to SWIFT, there for a year of transfers of 400 trillion dollars

[malyvalv]

The United States will not give all its financial flows under the full control of a European organization, this is nonsense

Are you so sure that this is a European organization? Oh well. And so, of course, the Americans are not fools to give control to someone.
In our interbank dollar repo market, rates in early October reached 90% only with rumors that the NCC was disconnected from Swift. For some reason, no one began to count on CHIPS.
Again. Swift is the only system that connects our banks with American correspondent banks. And what the Americans have there still does not matter. At least how much they transfer there.

[credo]

Apartment scammers, standing at the armored door of an apartment planned for robbery, complain to each other - "But how is it, we planned to rob it, but the owner put a new door and didn't put the key under the mat? What are we going to live on?"

[Tatyana]

If Russian factories have been jointly owned by Russians (Russia) with foreigners since the 1990s, then all information about the economic condition of these enterprises - about their income and profits, as well as about buyers of their products - somehow goes abroad and in the end, it turns out to be perfectly known to the relevant services in the same USA!

[avg]

Any company that has placed shares on the stock exchange publishes information in accordance with International Financial Reporting Standards (IFRS).

[tihonmarine]

Quote: credo

What are we going to live on?"

You have to live in cold and hunger. "Not all the same to the cat Maslenitsa."

[paul3390]

Do you remember the damned Soviet times, when everyone had cardboard doors and the keys - they really either put them under the rug or threw them in the mailbox?

[credo]

Quote: paul3390

Do you remember the damned Soviet times, when everyone had cardboard doors and the keys - they really either put them under the rug or threw them in the mailbox?

I do remember. The keys were also placed on top of the door jamb so that the janitor, while cleaning the area on the floor, would not accidentally sweep the key under the rug.

When I tell the younger generation about this, they look with bewilderment and distrust, as if it were in a parallel world.

[grindz]

And we have not yet closed the electrical distribution panels on the floors with barn locks as they are now. They were closed with a simple latch, such as a latch and the keys could be put there.

[trenkkvaz]

So in those days and in the apartments there was not much to profit from.
I remember what we had in the apartment.
Would you steal stools or an old black-and-white TV set? Or books and magazines? This stuff was in bulk then in the apartments.

[Genry]

Quote: Thrifty

there are billionaires who, in order to save their loot, will easily give the impudent Saxons any, even secret information, is it difficult to think?

About your accounts? There they are right away....

[tralflot1832]

Our favorite pastime in the 90s was not to pay taxes, unlike the West, this is sacred to them. The school is excellent. Now Potanin is holding a corporate sports tournament for our athletes. only to leave with a bare ass to the west. And they understood this. Moreover, they will be robbed in the west for helping us achieve our goals. Without them, we would not have pulled the NWO.

[Thrifty]

Tralflot, in the 90s, the authorities allowed the creation of massive financial pyramids in the country, they more than robbed the population, all these tax officials did not stand next to these "legalized robbers"!

[tralflot1832]

And who forced you to climb into these pyramids? Friends of currency traders had this opportunity. Evening of the day and morning of the next day. Money just doesn’t fall from the sky. Vouchers, that’s why they were put into some kind of incomprehensible funds, why? I regret that Sberbank didn’t buy shares, but invested in my enterprise , by the way, it also turned out well at the dismissal.

[grindz]

Was a good friend with a commercial streak. He knew very well that it was a scam. But he made money on differences in MMM stock prices in Moscow and in one of the Siberian regional centers. In one place I bought a bag of shares. Then he took me by plane to Moscow and sold them there. Or vice versa, I don't remember. It worked normally. Jumped off this topic.

[tihonmarine]

Quote: tralflot1832

Moreover, they will be robbed in the West for helping us achieve our goals.

There is only one way out - "keep your money in the Savings Bank of Russia."

[tralflot1832]

The most reliable bank. Three-liter jars.

[sabakina]

Quote: tralflot1832

The most reliable bank. Three-liter jars.

Andrew, better milk can. He will be faster.

[tihonmarine]

Quote: tralflot1832

The most reliable bank. Three-liter jars.

Or a 40 liter aluminum can with a waterproof lid.

[tralflot1832]

We've put the grain deal on hold and it looks like we can't deal with England until now.

[Zagrebun]

Insidious Russians do not allow themselves to be robbed? How awful...

[pharmacist]

Another thing is worse - they stopped respecting the dollar and the euro, they swung at the sacred. But this is a bad example!

[My doctor]

Quote from Pharmacist

Another thing is worse - they stopped respecting the dollar and the euro, they swung at the sacred. laughing But this is a bad example!

The US and Europe will only FOR that Russia could not use their currency. This will not affect the status of their money, but for Russia it will complicate foreign trade activities.

[rotmistr60]

Russia stopped disclosing information on foreign currency accounts and their gold reserves.

It turns out that earlier they easily shared information that affects national security and should be classified? Indeed, in order to find the enemies of the state, one does not have to go far - look at the Central Bank of the Russian Federation.

[Monster_Fat]

Previously, transactions went through SWIFT, that is, accounts "shone" automatically when verified through this system. Now accounts are opened and the transfer goes through the old teletype, and the controlling organizations will know the account number only if the bank itself informs them.

[parusnik]

What they save is good, but how much is invested in the Russian economy? Not state funds, but oligarchs?

[lubesky]

Quote: parusnik

What they save is good, but how much is invested in the Russian economy? Not state funds, but oligarchs?

Usmanov - an exemplary oligarch with "state thinking", according to the guarantor - is actively investing honestly earned money in foreign startups right now.
You heard right, not MOTOVILIKHINSKY factories for the production of artillery, but to foreign startups

[parusnik]

actively invests honestly earned in foreign startups right now

Duc, this is no longer interesting, since it is not the first year, such garbage.

[phrases]

In Russia, this, like his, copetalism. You can’t just take a capitalist by the beard, he can invest money anywhere.

[lubesky]

I’m just out of interest, but my comment is minus the veterans of women’s sports and rhythmic gymnastics ???

[Alien From]

Oh how! How bad are we? you are amazed by these...

[rocket757]

Bloomberg: The problem for those imposing sanctions is that the Russian Federation has stopped disclosing information about accounts in foreign currency

. So it offers a lot of different ways, options for countering pressure from behind the hillock. After all, one must realize that for many years the khekhemon has been tailoring the world economy, the financial system for himself ... to overcome, to break all this is not easy!
The time has come ...

[cniza]

Good time!

The United States enriches itself and lives at the expense of others, therefore it will stubbornly resist ...

[rocket757]

Hi
Some have already broken off, from the financial center geyropas are turning into what the hell.
Hechemon is following the same route! He has a larger margin of safety, but also finite.

[cniza]

Get their stock and someone is knocking on them ...

[rocket757]

This is what happens when the "golden reserve" turns out to be clay shards wrapped in foil ... if not all, but a significant part of it.

[cniza]

It's not just clay, it turned out to be virtual...

[rocket757]

One fig ... they say that it is gold, glitters, but in reality they are shards, which are not needed by anyone.

[sadam2]

it's one thing to patriotically declare about abandoning the dollar, and quite another reality - they have already lost 10 billion yus this year due to the depreciation of the yuan
... The People's Bank of China on Tuesday, October 25, lowered the yuan exchange rate to 7,1669 per US dollar, which was the lowest since February 18, 2008....

Siluanov announced that the current budget is a trillion deficit ....
maybe that's why they started secreting

[rocket757]

The question is that the budget deficit does not matter when the country's economy goes up, that is, the industrial component, the real sector of the economy.
Then you can just beat everything.
So after all already did and received necessary results.
Of course, it is necessary to maintain a balance between all sectors and the economy ... this is not easy, you need to have seven spans in your forehead.
Unfortunately, we don't see any...

[Fangaro]

Maybe I'm wrong, I'm looking from my little bell tower, but still ...
This news is from Bloomberg. Good. But in the past few months, constantly in our news was the following ...
Here they are imposing sanctions. And that's how we got around them!
They don't supply it to us anymore. And now we buy everything through such countries?
They don't want to buy from us. And we still sell them like this!
Probably those who oppose us are well aware of the possible solutions to problems on our part. Why yell about how we adapt then? Are there really no "doves" on the other side, only "hawks"?
But if we constantly show them as fools in the news, what can we expect then?

[Genry]

As for the NCC, Russia demands that payments for Russian gas be made through it. Therefore, sanctions against the NCC will lead to the cessation of supplies of energy resources vital for Europe.

From the announcement of sanctions, the NCC will be blocked? Not!

And there can be any number of these NCCs, with a different legal set of letters.

[Vana Catu]

That is, Russia, in their opinion, should itself report on its accounts and other savings? Yes, they all went crazy there ... And when will the muzzle crack?

[Old sergeant]

Quote: Thrifty

billionaires are sitting near Putin, who, in order to save their loot

What do you mean?
These noble knights help the army day and night. Who buys armor, who buys sleeping bags
Who buys jeeps from all over the world for the Russian army

[cniza]

At the same time, Western experts cannot name exact data.

So guess and better silently in a rag ...

[rocket757]

For, so they are paid for fortune-telling, why don’t they guess then.

[cniza]

They manage to make money...

[rocket757]

Everything in the world is relative ... sometimes the types of "earnings" have such bizarre, strange forms, expressions that we simply cannot figure it out there.
In general, not all that glitters is gold.

[cniza]

So their earnings are specific, they can do everything ...

[iouris]

"I'll buy everything," said the gold; "I'll take everything," said the steel.
Lermontov! Didn't even live to be XNUMX years old.

[Vasyan1971]

At the same time, Western experts cannot name exact data.

What for? Heidi like to help!

[orionvitt]

Some nonsense. One side

has correspondent accounts with US banks

Right here

Russia stopped disclosing information about accounts in foreign currency

How can this be? Russia can hide, not hide, but all world settlements in dollars go through American banks, which know perfectly well where every non-cash dollar in the world is located. Maybe there are some tricky conversion mechanisms, but they won't tell us about it.

[Mavrikiy]

Bloomberg: The problem for the sanctioners is that The Russian Federation has ceased to disclose information on accounts in foreign currency

The problem for the West is that the Russian Federation, refusing Western foreign currency, has made our financial situation not transparent for the West, and they do not see our weaknesses in this area.

[16112014nk]

The main part of the money in the National Clearing Center is kept in yuan.

Again, everything is stored. And when will they invest in the development of the economy and industrial production? Or are they again waiting for the yuan to be blocked?

[Fizik13]

American military expert: the United States for the first time in decades faced a shortage of military equipment

Gone are the days when all sorts of American experts from all sorts of consulting and rating companies delved into the budget of our country and the accounting departments of large companies.

[EXPrompt]

Bloomberg: The problem for those imposing sanctions is that the Russian Federation has stopped disclosing information about accounts in foreign currency

The problem with imposing sanctions is that they are just idiots. 30 years under the assets of the Russian Federation to print dollars, and quote them on the stock exchanges of the Russian Federation, and then impose sanctions.
These 300 yards that are already under sanctions are nothing and dust, compared with the complete withdrawal of the Russian Federation from the dollar system (what is it going to) by delisting all the shares of the Russian Federation from all import exchanges, and this is nothing compared to demonstrating to the whole world (and not only RF) of the fact that money and assets are worth today in the west.
After that, they are surprised at the Saudis, who openly send them. idiots