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Trade, service, food industry
Journals / Trade, service, food industry / Volume 3 Issue 2 / NON-CASH PAYMENTS UNDER LETTER OF CREDIT: APPLICATION IN THE RUSSIAN FEDERATION AND CURRENT PROBLEMS
UDC
339.72
VAK Russia
5.2.4 5.2.3

NON-CASH PAYMENTS UNDER LETTER OF CREDIT: APPLICATION IN THE RUSSIAN FEDERATION AND CURRENT PROBLEMS

Published in Trade, service, food industry · Pages 141–148 · Rubric: Trade
Received: 10.05.2023 Accepted: 13.06.2023 Published: 08.07.2023
Authors
MA
Marina Migunova
MA
Maria Mikhailova
ABSTRACT
In this research article, the essence of the concept of "letter of credit" is considered, which is understood as a conditional monetary obligation accepted by the bank on behalf of the applicant (payer under the letter of credit). The advantages and disadvantages of a letter of credit as a non-cash form of payment are highlighted. An analysis of the practical application of settlements under a letter of credit in the Russian Federation was carried out. The dynamics of changes in the number of payments under a letter of credit in the Russian Federation for 2010-2022 was assessed. and established a positive trend in this area. The sectors of the economy of the Russian Federation are singled out, in which settlements under a letter of credit are most often carried out: trade and the oil and gas industry. The reasons why the letter of credit form of payment is in demand in these sectors of the economy are indicated. The frequency of using a letter of credit in the Siberian Federal District at the moment is considered. The main problems of using a letter of credit that hinder the further development of this form of payment in the Russian Federation: are identified, including weak legal regulation of the letter of credit form of payment; inconsistency of Russian legislation in the field of using a letter of credit with international standards; high cost of bank tariffs; the complexity of the implementation of this form of calculation.
KEYWORDS
letter of credit, non-cash payments, issuing bank, executing bank under a letter of credit
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1. Civil Code of the Russian Federation of November 30, 1994 No. 51-FZ [Electronic source] // Consultant Plus. 2023. URL: https://www.consultant.ru/document/cons_doc_LAW_ 5142 (Date of access: 03.06.2023) (in Russian).

2. Leshukova, I. V. (2019). Letters of credit, their types, advantages and disadvantages. Innovative science, 11, 110-118 (in Russian).

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4. Which industries use letters of credit more often / SUER Pro. [Electronic source] URL: https://sber.pro/publication/v-kakikh-otrasliakh-chashche-polzuiutsia-akkreditivami (Date of access: 03.06.2023) (in Russian).

5. Settlements using letters of credit / JSB ROSSIYA JSC. [Electronic source] URL: https://abr.ru/face/extra-services/calculations/ (Date of access: 03.06.2023) (in Russian).

6. In Siberia, the demand for the purchase of real estate with the help of letters of credit has increased one and a half times / Novosibirsk Media [Electronic source] URL: https://infopro54.ru/news/v-sibiri-v-poltora-raza-vyros-spros-na-pokupku-nedvizhimosti-s-pomoshhyu-akkreditivov/ (Date of access: 03.06.2023) (in Russian).

7. Regulation of the Bank of Russia No. 762-P dated June 29, 2021 (as amended on March 25, 2022) “On the rules for the transfer of funds” [Electronic source] // ConsultantPlus. 2023. URL: https://www.consultant.ru/document/cons_doc_LAW_394047/ (Date of access: 06.06.2023) (in Russian).

8. Golubchik, A. M. (2019). Problems of using the letter of credit form of payment in the practice of Russian exporters and international freight forwarders. Finance and credit, 26, 90-94 (in Russian).

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