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.

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He added that the system might become operational in a few months.

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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."

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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."