![Italian companies want to trade in rubles instead of euros in Russia](https://media.newstracklive.com/uploads/business-news/economy/Jul/16/big_thumb/Screenshot-2023-07-16-133830_64b3a588a3d46.png)
Rome: The Italian business lobby in Russia is working on a mechanism to allow Russian customers to pay for Italian goods in rubles, according to the president of the Italian-Russian Chamber of Commerce.
Ferdinando Pelazzo claimed in an interview with RIA Novosti that financial restrictions on Russia, such as the exclusion of its banks from the SWIFT global financial messaging system, have made it difficult to trade in unapproved goods like wine and clothing.
"We want to develop a system that would enable Russian customers to make payments to an account in a third nation, which we would then use to transfer funds to Italy. After all, only specific goods are subject to sanctions, not payments, he said.
Also Read: Unveiling the Controversies: Inside Judy Garland's Turbulent Journey of Fame and Struggles
He added that the system might become operational in a few months.
Also Read: Google Maps: Redefining Navigation and Beyond with Innovative Features and Unmatched Convenience
Many exports have been subject to Western restrictions since last year, but 49% of the products are exempt, and Pelazzo warned that if trade in these products is hampered, "Italy will lose a lot."
Also Read: President of Kenya and Saudi Arabia's minister of investments meet
He referred to Russia's expanding ties with fellow BRICS nations South Africa, Brazil, India, and China. The BRICS countries have been working to replace US dollars and euros with payments made in their domestic currencies.
The bloc will discuss a single currency at the upcoming summit in August, which Pelazzo called "the most interesting financial, commercial, and geopolitical change."