Monitoring Desk: Russia has started using rubles, euros, yuan and Indian rupee instead of US Dollar for international business and trade, reports, Izvestiya.
According to report a report published in Izvestiya on October 12, Russian companies are looking for ways to reduce the dependence of the economy on the US currency and are looking for ways to conduct trade calculations not in dollars, but in rubles and other currencies.
According to the head of the Russian Union of Industrialists and Entrepreneurs (RSPP), Alexander Shokhin, a systematic de-dollarization of transactions has now begun on the market, and Russian companies reserve funds in the national currencies of the countries with which they trade.
It is noted that at the moment banks record requests of Russian companies for conducting trade settlements in rubles, euros, yuan and Indian rupees.
Recall that in the summer, the head of VTB, Andrei Kostin, presented a draft de-dollarization of the Russian economy to Russian President Vladimir Putin. It was later reported that the government began discussing ways to reduce the dependence of the economy on the US currency. In early October, Finance Minister Anton Siluanov announced the submission of an appropriate plan for consideration by the government. It is pertinent to mention that Russian trade sheet indicates that major trade partners of Russia are European countries, India and China and transactions are encouraged in euro, Indian rupee and Chinese Yuan.
US Dollar is being discouraged by Turkey, China and now Russia has taken measures to de-dollarization and trying to shift its over 80 international trade in local currencies of trade countries.
