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Samson:  Russian diplomat: Russia is considering paying its contribution to the United Nations in rubles

13th July, 2022

Director of the International Organizations Department at the Russian Foreign Ministry, Pyotr Ilyichev, said that Russia is studying the possibility of paying its contributions to the United Nations in the Russian ruble.

The switch to paying Russian contributions in rubles is being considered, and it largely depends on the willingness and ability of our UN partners to accept payments in the Russian currency,” Ilyichev added in an interview with the Russian Interfax agency. and whenever possible, in a timely manner,” according to Asha.

Ilychiv said that Western sanctions include extensive measures that limit the normal functioning of the Russian financial system. friendly”.  LINK

Samson:  Russia may legalize Islamic banking without interest

13th July, 2022

Russia may soon legalize Islamic banking, which assumes no interest income, according to the Russian newspaper “Kommersant”.

“The documents have been sent for approval, and their consideration is scheduled to begin at the autumn session,” the newspaper quoted the head of the State Duma Committee on the Financial Market, Anatoly Aksakov.

According to the “Partner Financing Activities” bill and two related projects, non-credit financial organizations of a special type will be able to provide Islamic banking services, and their activities will be regulated by the Central Bank of Russia.

The text of the document states that non-credit financial organizations will be able to provide cash loans to individuals and legal entities without receiving any compensation, to finance them as distributors by concluding sales and purchase agreements on condition of “deferred” installment payment or leasing agreements: financing production and trade activities; Offer guarantees.

The authors of the bill noted that against the background of the severing of ties with Western financial markets, the need for partner financing instruments (Islamic) is increasing.

The newspaper pointed out: “The activity of non-credit financial organizations is based on attracting funds from clients under partnership investment agreements and placing them by purchasing goods and selling them later on a commercial margin, on terms of installments, deferred payment or concluding leasing agreements.”

The Central Bank stated that it generally supports the development of legal conditions for partnership financing, as this will have a positive impact on the financial sector.  LINK

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Samson:  Brazil intends to buy the “largest amount” of diesel from Russia despite Western sanctions

13th July, 2022

Brazil intends to buy the largest possible amount of diesel from Russia, its Foreign Minister Carlos Alberto Franco Franca announced Tuesday, despite the sanctions imposed on Moscow over its invasion of Ukraine.

This statement comes after Brazilian President Jair Bolsonaro announced an “almost” agreement with Russia in this regard. “We must make sure that we have enough diesel for the agricultural sector and for Brazilian drivers,” the minister told reporters on the sidelines of a meeting of the UN Security Council chaired by Brazil.

The European Union and the United States imposed sanctions on Russia in response to its invasion of Ukraine that began on February 24, but many countries in the world chose not to implement them, leading to a split in the international unity that Washington seeks to isolate Moscow and condemn the war.

The minister pointed out that Brazil is a “strategic partner” of Russia, which relies heavily on it to supply fertilizer. He explained that to face the problem that is not limited to the availability of oil as much as the lack of refining, which led to a decrease in stocks, Brazil “seeks to achieve security” in terms of imports and “Russia is one” of these reliable suppliers.

In the face of rising fuel prices and the approaching presidential elections scheduled for October, Jair Bolsonaro, a close associate of Vladimir Putin, announced Monday that he is on the verge of concluding an agreement to buy diesel from Russia, despite international sanctions.

During a phone conversation with his Russian counterpart on June 26, the Brazilian president secured a pledge from Russia to keep delivering fertilizers that the South American agricultural giant needs.

Brazil, a world agricultural power, imports more than 80 percent of its fertilizers, and more than 20 percent of these imported fertilizers come from Russia.  LINK

Cleitus:  Remember, BRICS + others also are gold-backed with their currency. So, who’s losing out?