Kostin called the rejection of the euro and the dollar an irreversible process for Russia

The head of VTB Andrey Kostin believes that the rejection of settlements in dollars and euros in Russia is an irreversible process. A priority for the country is the transition to settlements in the national currencies of Russia’s trading partners.

“The price structure of our foreign trade is changing dynamically. The states that did not support Western sanctions formed about 45% of Russia’s total foreign trade turnover in 2021. Ten years ago, their share was about 30%, this share will continue to grow as trade relations with the West continue to break,” said Mr. Kostin, speaking at the XV Verona Eurasian Economic Forum in Baku (quoted by TASS).

According to the head of VTB, the priority for the country is the transition to settlements in national currencies with the countries of the EAEU, the Middle East, Latin America and the African continent, China, Turkey and India.

According to the head of VTB, not a single state can feel completely protected in the conditions of a “dollar-centric global economy.” This, he says, is evidenced by freezing due to the sanctions of the gold and foreign exchange reserves of the Russian Federation. Mr. Kostin believes that Russia should progressively and patiently promote the topic of settlements in national currencies in a dialogue with trading partners.

President Vladimir Putin spoke earlier that Russia is actively working on the transition to settlements in national currencies with the CIS countries. He also urged the countries of Central Asia to join the import substitution programs.

October 13 Minister for Energy and Infrastructure of the Eurasian Economic Commission Arzybek Kozhoshev declaredthat almost all countries of the Eurasian Economic Union have agreed on the transition to paying for gas in rubles.

Read more about this in the material “Kommersant” “EAEU is preparing for a currency exchange”.

Erdni Kagaltynov