RBC: Russia plans to untie contracts with friendly countries from the dollar

The Russian government intends to decouple foreign trade contracts with friendly countries from the dollar, instead, the authorities may resort to alternative indicators, including pegging to gold or oil, transmits RBC with reference to sources.

The exchange rate of national currencies in settlements between friendly countries is calculated through the dollar, to build a system that will allow you to get away from such a cross-rate, they are working together with the banks of the Central Bank and the Ministry of Finance, one of the interlocutors of the publication said.

According to one of the federal officials, the option of a basket of currencies is being considered. A source in the financial market called pegging national currencies to gold or oil as a possible option for decoupling from the dollar in the calculations. However, oil is also pegged to the US currency, so “this is not the best option,” he said.

RBC’s source in a large bank believes that the only alternative to the dollar can be only the yuan.

In September it became known plans government to double the share of foreign trade settlements in rubles by 2025, from last year’s 19.5% to 40%. Such a forecast was included in the materials for the final strategic session, which was held with the participation of Russian Prime Minister Mikhail Mishustin. The use of national currencies of countries that are neutral with respect to Russia will have to grow almost 13 times from 1.6 to 20%. Thus, it is assumed that 60% of foreign trade will be conducted in currencies other than dollars and euros.