Under Part 2[73] of Art. 75 of the Constitution of the Russian Federation, as a significant public entity accounting relations, established by the Central Bank of Russia, so it is not «a natural product of banking development»[74]. Created by the will of the state and burdened with the primary function of protecting and sustaining the national currency. Detail its legal status is defined by the Federal Law «On Central Bank of Russian Federation (Bank of Russia)» № 86-FL[75].
In this world everything has its price, the price is set in the currency of a State, between actors in international economic cooperation is most often recorded in the contract price in the currency EURO or USD, in view of current practice. And she has developed through standard SDR, which is practically obsolete and is used by inertia, a multi-system formation is projected to include it as the Yen and possibly the Chinese Yuan, ruble considered as a candidate for this role, it is premature[76].
However, examining the individual operations, as a conclusion that it depends on the interests and understandings of the parties.
The legal basis for using the Russian ruble in international transactions is the Federal Law «On Currency Regulation and Currency Control» № 173-FL[77].
Even in the first edition of the law (October 1992) was declared that the foreign exchange operations with the Russian ruble current account balance of payments are made without any restrictions. This is possible already at the first stage of market reforms in Russia to ensure the growth of liquidity in the currency market of the Russian Federation and prevent the use of ruble in payments for foreign trade, primarily with the CIS countries. On June 1, 1996 pursuant to Decree of the President of Russia Russian Federation acceded to Article VIII of the Statute of the International Monetary Fund, which meant that the assumption of international obligations in support of the Russian currency convertibility on current account[78].
Based on these norms Russian commercial banks have the right to open correspondent accounts «Loro» in rubles for foreign banks with the ability to enroll in them proceeds from the sale of goods and services in Russia in favor of foreign companies – participants of foreign trade operations.