The US dollar is losing its global role in an “objective and irreversible” process, the Russian president told participants at the BRICS Summit in South Africa on Tuesday. Vladimir Putin spoke via videolink, after choosing not to attend the event in person. De-dollarization is “gaining momentum” Putin declared, adding that …
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Russia is planning to discuss a switch to national currencies in trade with countries in Southeast Asia, the Foreign Ministry announced on Tuesday. The move comes as part of Moscow’s push to ditch the US dollar and euro in business settlements. As a result of Western sanctions against Moscow, trade …
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The process of de-dollarizing the Turkish economy will be accelerated in the coming weeks, according to Treasury and Finance Minister Nureddin Nebati. The government will step up the conversion of the nation’s foreign currency holdings into Turkish lira, he said, adding that more than 131 billion lira ($9.69 billion) had …
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That’s according to State Duma Speaker Vyacheslav Volodin, who noted that trade is being gradually transitioned away from the traditionally favored reserve currencies towards the domestic denominations of the countries involved in bilateral deals. “Russia is consistently moving away from dependence on the dollar,” he said, noting specific examples of …
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“The share of national currencies in our [trade] relations with China is steadily increasing. It has reached about a quarter through the nine months since the beginning of the year. This is quite a big progress,” the ambassador said, citing the Chinese partners. According to Denisov, the very process of …
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Russia has received less approximately $7.7 billion in the first year of the “experiment” of Russian President Vladimir Putin to reduce the share of dollar in foreign exchange reserves, estimated Bloomberg. Against the backdrop of sanctions, the Russian Central Bank began to shift in the “weak” currencies like the Euro …
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