Russia Says to Use National Currencies in Oil Deals with Iran, Turkey
TEHRAN (Tasnim) – Russian Energy Minister Alexander Novak said his country plans to use national currencies in its oil trade activities with Iran and Turkey.
"There is a common understanding that we need to move towards the use of national currencies in our settlements. There is a need for this, as well as the wish of the parties. This concerns both Turkey and Iran - we are considering an option of payment in national currencies with them. This requires certain factors in the financial and economic sector and in the banking sector," Novak told reporters on Saturday, the Tass news agency reported.
The parties are interested in it but there is also a matter of conversion of currencies and their further use, he added.
Novak noted that if there is an opportunity to make payments in national currencies and companies are ready for it, it is necessary to study properly conversion of this currency and its further use.
Moscow’s plans to cut transactions in the dollar have found added momentum in the wake of Western sanctions which restrict Russia’s access to international capital.
Three years ago, Russian President Vladimir Putin proposed a bill to the country’s legislature to eliminate the dollar and the euro from trade between member states of the Commonwealth of Independent States (CIS).
