Russia’s Ministry of Economic Development is drafting proposals for the creation of an online barter exchange, RBC reported. The digital platform will facilitate finding counterparties for barter transactions in friendly countries, the ministry expects.
The Ministry of Economic Development intends to prepare proposals this year on establishing an international barter exchange, according to the Key 2024 Outcomes and 2025 Priorities draft plan, a document circulated among members of the ministry’s Public Council before the February 13 meeting.
A ministry source confirmed the intention.
“The Ministry of Economic Development of Russia is currently in the process of developing a proposal for the creation of an international barter exchange – a dedicated digital platform to facilitate the search for counterparties for barter transactions between Russian companies and companies from friendly countries,” the agency said.
The source noted that in the face of external pressure, international bartering can provide an additional channel for exporting Russian products, independent of the banking infrastructure.
For reference, barter refers to trading goods without the use of money, with one party providing goods to another party in return for other goods.
“Russia had hundreds of commodity exchanges in the 1990s – as many as 1,700 during the peak period. They would trade in all kinds of goods, including through bartering,” economist Sergei Khestanov, Associate Professor at RANEPA, commented. “There is nothing new under the moon.”