November 13, 2019, 23:53

Matter of Weeks: Russia Is Ready for de-Dollarization – Reports

Matter of Weeks: Russia Is Ready for de-Dollarization – Reports

A document is being developed that takes into account proposals made by the head of VTB Andrei Kostin, and within a week or two will appear on the desk of Prime Minister Dmitry Medvedev, according to sources.

The Russian government is preparing a bill to completely free the country from the US dollar, The Bell reports, citing three people familiar with the discussion.

The Russian government’s plan does not suggest any restrictions or bans on transactions in dollars, its main goal is to simplify settlements in national currencies, to facilitate exchange controls and to create convenient mechanisms that will allow payments in any currency without unnecessary losses.

READ MORE: Russia’s Switch to Deals in National Currencies to Take at Least 5 Years — VTB

VTB’s head Andrei Kostin earlier presented a plan containing four priority tasks that need to be fulfilled in order to free the Russian economy from dependence on the dollar.

His proposals were supported by the Russian Ministry of Finance.

At a meeting with Putin in July, Kostin asked the president to support the proposals developed by VTB aimed at de-dollarization and reducing the use of offshore structures.


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