Russia to Step Up Efforts to Ditch US Dollar in Energy Trade

TEHRAN (Tasnim) – Russia will increase its dependency on national currencies to settle payments for its energy resources, moving away from the US dollar, according to Russian Deputy Prime Minister Alexander Novak.

Novak pointed out that there is a great interest in acquiring Russian energy resources, leading Russia to accept more currencies for these settlements.

The Russian Federation is gradually moving towards the use of national currencies, such as the Chinese yuan and the Russian ruble, to settle energy trades, keeping distance away from the US dollar. Alexander Novak, Russian deputy prime minister, stated that this trend of adopting national currencies has accelerated due to the sanctions enacted by Western nations as a consequence of the Russia-Ukraine conflict.

In a TV interview with a Russian network, Novak stated, “The trend has changed very much to less use of dollars or euros. Given the current problems in settlements with these currencies, in our settlements we are moving only to national currencies, the yuan is in demand here, the ruble is in demand.”

Furthermore, Novak clarified that China was already making payments for gas and oil in Chinese yuan and Russian rubles. Novak also explained that the country was open to receiving other currencies in this kind of settlement.

These measures would allow other countries to access the Russian energy market, letting them pay with currencies other than the US dollar and the euro, reported.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

To Top