VTB President and Chairman Andrey Kostin has come up with a plan to stop using US dollars for settlements, Izvestia daily reports.
As Invest Foresight noted earlier, Andrey Kostin had stated that Russia may abandon payments in dollars if the USA uses its currency as a weapon. The banker noted that Russian banks may repay dollar deposits in a different currency.
The current Kostin’s antidollar plan includes several steps. The first one is an accelerated shift to using alternative currencies in settlements with other states. The second step is moving registered addresses of major Russian companies to the Russian jurisdiction. That is not about using dollar per se, but about problems such companies face due to the US sanctions. The third step is trading Eurobonds at a Russian marketplace.
Kostin admitted though that even in his 60% government-owned bank, 70% of transactions with China are denominated in US dollars.