- Not Another Dollar! Russia & Turkey Agree on Settlements in National Currencies
Moscow and Ankara inked an agreement on using Russian rubles and Turkish lira in mutual payments and settlements, the Russian Finance Ministry announced on Tuesday.
The deal is aimed at gradually switching to using national currencies in mutual trade, the ministry said. Trade turnover between the two countries grew by 16 percent last year, reaching $25.5 billion.
According to the ministry, the agreement aims for “further expansion and strengthening of interbank interaction, as well as ensuring uninterrupted payments between business entities of the two countries.”