Russia increases settlements with partners in national currencies

Russia increases settlements with partners in national currencies

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Russia increases settlements with partners in national currencies

“As trade turnover grows, the transition to payments in national currencies will become more practical – this is the future,” the Russian top diplomat stressed.

The process of using national currencies in mutual settlements between Russia and its partner countries will only gain momentum, Russian Foreign Minister Sergey Lavrov told reporters on Monday.

“Of course, as trade turnover grows, the transition to payments in national currencies will become more practical – this is the future. This is true not only for Africa, but also for Latin America, our Asian friends, as well as Iran, India, and China. We are already actively shifting to settlements in national currencies, and the dollar’s share is steadily declining. <…> So, this process will only gain momentum,” he said in response to a question about Kenya’s intention to pay for oil exports in local currency.

Lavrov also stated that Brazilian President Luiz Inacio Lula da Silva “has already put forward his idea to focus on the development of payment mechanisms that would not rely on the dollar or the euro and would rely on decisions and agreements that would be developed, including within the framework of the BRICS New Development Bank.”

Russian Deputy Prime Minister Alexey Overchuk said earlier that the Eurasian Economic Union (EAEU) has almost entirely shifted to payments in national currencies, their share totaled 90% in March. “We register a surge in the use of national currencies in mutual payments by the Union’s countries,” he said at the second Eurasian Economic Forum, adding that “the EAEU has virtually shifted to payments in national currencies.”

The share of settlements in EAEU nations’ mutual trade in national currencies “totaled 89% in Q1 2023,” Overchuk said. “Speaking about March, [the share reached] 90%,” he noted.