Political scientist Drobnitsky - on the difference between gas trade for rubles and "sham" schemes

“In order for someone to buy gas from Gazprom for rubles, these rubles must come from a foreign buyer somewhere.

The first explanation of how this can happen: come and take them from the Central Bank of the Russian Federation, because the issuer in rubles is the Central Bank.

A simple thing is being said: we will buy rubles for euros from the Central Bank. It would seem that everything is logical.

The problem with this scheme is that in this case, the euros still remain abroad, it is still the equivalent of paying for gas in euros.

It does not matter what kind of exchange transactions took place in the Central Bank, it is important that those euros that will belong to Gazprom or the Central Bank and so on, they will be in the ECB. Or in another authorized European bank where the correspondent accounts of the seller, or the Central Bank, or any other “laying” that they make are located.

Exactly the same thing happens if we add an exchange to this scheme. For example, the Moscow International Currency Exchange.

If a foreign company here in Russia sells euros and buys rubles, these euros will go to the currency accounts of companies, banks, and so on, and therefore go straight to Europe, and will still be in the ECB or another authorized bank.

And again, the situation will be the same as now. A spacer with a purchase on the currency exchange, a spacer on the stock exchange ... All the same, you will get trade for the same euros.

This is a misunderstanding of the trade in Russian goods - in this case, gas - for rubles.

The fact is that the euro is the currency of the European Central Bank, so it goes exclusively in Europe.

This means that if one company paid another company in euros - this is how we imagine that we paid each other in euros - then, in fact, we are talking about shifting from one account somewhere, somewhere in Europe, to another account in Europe.

And this money belongs to you - the company that received the euro - only if you are guaranteed that you can use this money at your own discretion.

And as you know, thanks to these same sanctions, it turned out that we now cannot use our euros as we see fit, including abroad. The arrest of assets and reserves of the Central Bank showed that this cannot be done.

What is ruble trading? Exactly the same.

If one company paid another company in rubles, this does not mean that the physical rubles went somewhere.

Once again, we are talking about cashless payments, which make up the vast majority of payments in the world today.

This means that somewhere in the Central Bank or in another authorized bank, some money was transferred from one correspondent account to another, an electronic transaction took place, a record was made in a computer.

And, accordingly, control over all this is exercised by the Central Bank of the Russian Federation. Because he is the issuer of the ruble and the body that controls the ruble.

The ECB has proven to be an unreliable partner. The Federal Reserve System too. Today, we must demonstrate that in the future we simply do not trust them, as Putin said, - we must trade in rubles. And this means full-fledged ruble trade.

How can I make payments in rubles?

To do this, you really need to pay in rubles, but for this you need these rubles to appear, perhaps with the assistance of the Central Bank, but at the same time this money must come from some other company, Western or Russian, preferably Western, which I received these rubles for the sale of goods on the territory of the Russian Federation.

And then there, in Europe, they settle accounts among themselves in euros, if they are interested, but here they receive only rubles.

That is, no exchange of euros for rubles takes place on the territory of Russia, does not take place upon receipt of these rubles.

You there, comrades, will have to import goods here, those that Russia needs to receive rubles, to pay for the same Gazprom, or other enterprises that sell metals, timber, wheat, sunflower oil, and much more. And, yes, by the way: fertilizers, which the European Union needs so much now.

This is the scheme that actually works today. And this is exactly the scheme that should be implemented.

Because if some other scheme is implemented, then it will actually be a sham scheme, since it will be the same trade for the euro or the dollar.

Trading for rubles means that the goods we need are imported into Russia, which are sold for rubles, these rubles are lent to companies that want to buy gas; further they are there, at home, they are calculated, in Europe and the Americas, but at the same time, the rubles that appeared here should be spinning inside Russia.

The entire issue of Dmitry Drobnitsky can be viewed here.