The Russian government is working on lessening the economy's dependence on the dollar including through stimulating trade in national currencies, but there are no plans to fully abandon transactions in dollars, the government's press service said on Wednesday.
MOSCOW (Pakistan Point News / Sputnik - 03rd October, 2018) The Russian government is working on lessening the economy's dependence on the Dollar including through stimulating trade in national currencies, but there are no plans to fully abandon transactions in Dollars, the government's press service said on Wednesday.
On Tuesday, The Bell media outlet reported that the government was allegedly working on a draft project aimed at the de-dollarization of the Russian economy based on the proposals of Russia's VTB Bank President Andrey Kostin. The document is reportedly expected to be assented by Russian Prime Minister Dmitry Medvedev.
"The government has no plans to abandon dollar transactions, introduce a ban on the dollar or any other restrictions. This is not discussed. At the same time, the government, especially its financial and economic bloc, is working on reducing our economy's dependence on the US Currency, including by creating incentives and mechanisms for switching to national currencies in foreign trade transactions. Work in this direction is not related to any personal initiatives expressed at various venues, and reflects the strategic policy of the government," the press release read.
