Phones in exchange for metal and oil? Samsung plans to switch to barter with Russian partners
Samsung Corporation calls barter one of the possible trading options with its partners in Russia. This was announced by company president Sang Jin Park on the sidelines of the Eastern Economic Forum, writes Rambler.
“Due to currency fluctuations, perhaps in the future we may think of a barter system ... Samsung has not only Samsung Electronics, but also other businesses. These may be internal transactions: we sell electronics and import some commodities for Samsung subsidiaries. For example, you can set the rules and get money from them, ”Sang Jin Park commented on the situation.
In addition, the head of the South Korean corporation said that the development of this kind of system takes time. The fact is that it is required to provide insurance for barter transactions from either banks or insurance companies.
As for the possibility of working with national currencies, so far the president of Samsung Electronics considers this to be premature.