SPECIFICITIES OF IMPLEMENTING CLEARING ARRANGEMENTS IN INTERNATIONAL TRADE IN THE 1930s – 1980s

UDC 339.56: 339.72: 339.73
DOI: 10.36871/ek.up.p.r.2022.10.01.006

Authors

Igor V. Pilipenko
Institute for Competitiveness and Integration (RICI), Moscow, Russia

Abstract

The implementation of clearing arrangements in international settlements of the Russian Federation is one of the systemic solutions that allow developing external trade under toughened anti-Russian sanctions imposed by the Western states. This article analyzes the international experience of the 1930 s – 1980 s when clearing trade was used particularly intensively. We consider features of bilateral clearing in Western and Southern Europe as well as in USSR in the 1930 s, the proposition of J. M. Keynes in 1941–1944 to create the International Clearing Union and the proliferation of bilateral clearing agreements after World War II during the period of the 1940 s – 1960 s including those concluded between market and centrally planned economies. Particular attention is paid to the functioning of the European Payments Union (EPU) in the 1950 s, to the development of bilateral, trilateral and multilateral clearing within the Council for Mutual Economic Assistance (CMEA) in the 1940 s – 1980 s, including the use of transferable ruble through the International Bank for Economic Co-operation (IBEC) as well as to the 40-year long Soviet-Finnish bilateral clearing trade experience.

Keywords

clearing, International Clearing Union, European Payments Union, Council for Mutual Economic Assistance, CMEA, IBEC, USSR, transferable ruble, Finland, IMF