- Russia Considers Energy Exports In Euros, Rubles As Putin’s De-Dollarization Continues
by Tyler Durden, https://www.zerohedge.com/
Russia’s de-dollarization efforts continue, in line with Putin’s promise to lower the country’s vulnerability to the ongoing threat of US sanctions, with officials eyeing energy exports next.
“We have a very good currency, it’s stable. Why not use it for global transactions?” Russian Economy Minister Maxim Oreshkin said in an interview with the Financial Times on Sunday. “We want (oil and gas sales) in roubles at some point,” he said.
“The question here is not to have any excessive costs from doing it that way, but if the broad … financial infrastructure is created, if the initial costs are very low, then why not?” Oreshkin mused. Despite less than 5% of Russia’s $687.5 billion in annual trade being with the US, it remains that over half of that trade still relies on the dollar, according to Bloomberg figures.