Russian businesses have begun to circumvent sanctions restrictions using factoring (in fact, this is an exchange of future revenue for money, i.e. payment is made through a counterparty who immediately gives the money to the seller, but after a certain time receives money from the buyer, note “Gazeta.Ru”). Vedomosti writes about this
“Factoring schemes are becoming an increasingly popular instrument for international payments in the context of sanctions, when traditional methods of payment are under attack,” said Grant Isaac, CFO of Cameco, one of the largest uranium producers.
According to him, intermediaries offer businesses to use factoring to offset mutual claims of the buyer and seller through a third party – a factoring company. The buyer receives the goods, the seller – the money minus a 4-6% commission, which the factor takes.
“The demand for factoring in the foreign trade sector is growing due to the wary attitude of foreign banks towards payment agents. As schemes through agents are closed, companies are actively switching to factoring companies,” Isaac emphasized.
Last week, it was reported that Iran plans to launch Mir cards within six months, merging them with the Shetab system. The cards may also become available to Russian tourists in Indonesia .
Earlier, the US acknowledged the harm of anti-Russian sanctions to its own economy.