- Russia Working to Ditch Dollar, Euro in Trade With Asia, Africa
MOSCOW (Sputnik) – Russia is actively working to switch over to settlements in national currencies with the countries of the Middle East, Southeast Asia, Latin America and Africa, Russian Industry and Trade Minister Denis Manturov told Sputnik.
“This process is not quick [transition to national currency settlements], and we launched it not in the form of a response to sanctions. We have been systematically conducting this work for several years, accumulated practice and have experience regarding the work of commercial banks and the Central Bank in those countries where it is advantageous for us to carry out this work,” Manturov said.
“This applies less to European countries, more to the countries of the Middle East, Southeast Asia, even Latin America, Africa,” he added.
Russian car manufacturers are switching to national currencies in payments with Turkey for supplies of components, a number of companies have announced such plans, Denis Manturov said.