Russia's VTB Bank President Andrey Kostin has presented a plan to abandon the US dollar in the country's transactions with foreign states, media reported
MOSCOW (Pakistan Point News / Sputnik - 14th September, 2018) Russia's VTB Bank President Andrey Kostin has presented a plan to abandon the US Dollar in the country's transactions with foreign states, media reported.
"The first thing will the accelerated transition to export-import transactions with foreign countries in other currencies. This may be euro, Yuan or ruble," Kostin told Izvestia newspaper.
The second part of the plan will be the transfer of legal addresses of Russia's largest holdings to Russian jurisdiction, according to Kostin. The third part is the creation of a Russian depository to place Eurobonds. The fourth part will be to license all participants of the stock market in a way that would allow them to work under the same rules, Kostin said.
Earlier in September, speaking at a plenary session of the Moscow Financial Forum, Kostin said that the elimination of transactions in the dollar in favor of other currencies could take years, stressing, however, that taking this step was necessary in order to reduce the risk of possible influence from the US administration.
At a meeting with Russian President Vladimir Putin in July, Kostin asked him to support proposals aimed at the de-dollarization of the economy and restricting the use of offshore structures, prepared by VTB. He noted that this would further protect the Russian financial sector from external factors.
