“Russian business has left the currency comfort zone” — an article based on the materials of Delovoy Peterburg legal conference
Over the past months, it has become obvious that the global reorientation of trade is not easy not only for Russian players and the state, but also for new foreign partners.
For more than a year, Russian entrepreneurs have been learning by trial and error how to do business with new companies, in new countries and in the face of ever-increasing sanctions. The established rules of the game and current risks in conducting foreign economic activity were recorded by the participants of the legal conference organized by Delovoy Peterburg.
On the other side of the curtain
Over the past year, Russian foreign trade participants had to adapt in real time and look for reliable ways to transfer money to foreign counterparties. But at the same time, players from Turkey, Brazil, Indonesia and other countries had to rebuild, where the currency began to come from Russia.
In this regard, traditional jurisdictions stopped working in the format we are familiar with, and non-traditional ones were not ready for foreign economic activity in a new form. Our business has faced all sorts of obstacles there — currency, regulatory, and tax restrictions,
— Ekaterina Mikhalskaya, Managing Partner of Prime Advice, states.
She cites the example of Turkish banks, which in the spring of 2022, due to fear of secondary sanctions, refused to cooperate with Russian individuals at all, remembering the experience of Halkbank, which came under accusations by the US Department of Justice of violating US sanctions imposed against Iran.
