The ruble affair

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The ruble affair - a foreign exchange transaction conducted in 1990 by Polish nomenclature companies and detected by NIK.

The procedure consisted of concluding fictitious contracts with Russian companies for supplies for which the Polish party paid in transfer rubles. These payments were then exchanged for gold by the Polish banks. Due to the fact that the transfer ruble was a virtual currency that ceased to apply after January 1, 1991, these payments actually charged the Polish budget with amounts estimated at $ 400 million until the settlement of mutual debt for operations between Poland and the former USSR. As a result of the agreement concluded in 1994, reciprocal compensation in transfer rubles, USD, clearing dollars and Soviet rubles created prior to January 1, 1991 was subject to mutual reparation - 7 billion rubles and US $ 336 million of USSR liabilities were offset by Poland's commitments in the amount of PLN 4.7 billion and $ 2 billion in transfer rubles.

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