Russia's VTB Bank President Andrey Kostin told Sputnik that he suggested to gradually switch to signing contracts in various areas, including armaments, in national currencies, noting that such transition would take no less than five years.
MOSCOW (Pakistan Point News / Sputnik - 02nd October, 2018) Russia's VTB Bank President Andrey Kostin told Sputnik that he suggested to gradually switch to signing contracts in various areas, including armaments, in national currencies, noting that such transition would take no less than five years.
According to Kostin, his proposals on the use of the Dollar amid the deteriorating situation caused by the US sanctions do not provide for complete de-dollarization, but rather a gradual switch to trade in national currencies, for example within the Eurasian Economic Union (EAEU) or in certain areas, such as armaments.
"This plan is absolutely long-term and seeks a change in the global trend rather than a split-second one-time solution ... I think it will take at least five years. We need to move, take small steps, at least in new contracts, for the future. I do not think that everything needs to be reviewed immediately. I hope that the situation will not be so critical," Kostin said.
