Russian Ministry of Finance supported the initiative of VTB President and Chairman Andrey Kostin to renounce settlements in dollars, RIAN news agency reports with reference to Deputy Finance Minister Alexey Moiseev.
As Invest Foresight reported earlier, Andrey Kostin had stated that Russia may abandon payments in dollars if the USA uses its currency as a weapon. VTB Chairman put forward a plan to stop using US dollars for settlements.
Ministry of Finance appreciated the plan and, according to Alexey Moiseev, decided to support it. He assured though that there is no intention to ban circulation of the US currency among private individuals.
“Nobody suggests a ban on circulation of dollars. It’s solely a proposal to get rid of dollars in our business environment”, the official said.
He explained it is necessary to have interstate settlements in national currencies, with no dollar involvement. Besides, settlements among Russian entities in foreign currencies should be reduced. Other points of Kostin’s plan included trading Eurobonds at a Russian marketplace and moving registered addresses of major Russian companies to the Russian jurisdiction.