Russian President, Vladimir Putin, instructed on Monday, April 18, to accelerate the transition of Russia’s foreign trade to rubles and national currencies of other countries. He noted that the restrictions imposed by unfriendly countries against the Russian Federation “affected the opportunities of domestic business, hindered the logistics of export and import supplies, and also created obstacles to settlements.”
“To accelerate the transition of foreign trade to settlements in rubles and in national currencies of countries that are reliable business partners. I want to emphasize: in the new, changed conditions, we must move forward at a much faster pace here,” Putin said during a meeting on economic issues.
As reminded, on April 14, Putin pointed out the need to prepare the Russian foreign exchange market for a significant increase in the share of settlements in national currencies. In his opinion, the rejection of unreliable currency jurisdictions is a strategic task from the point of view of Russia’s economic security in order to preserve and increase the volume of foreign trade.
The Russian President also instructed to reorient the export of energy resources from the West to the markets of the South and East and prepare infrastructure for this. Putin stressed that it is necessary to stimulate domestic demand for energy resources by reducing prices wherever possible.
On the same day, Mikhail Evdokimov, the Director of the first CIS Department of the Russian Foreign Ministry, said that the countries of the Eurasian Economic Union (EAEU), which includes Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia, are trying to get away from the dollar in mutual settlements. He noted that even before the latest sanctions, more than 70 per cent of transactions were carried out in national currencies.