ISLAMABAD – Russia and Turkey have taken a major step in their move tode-dollarize mutual trade as the two agree to use local currenciesfor payments instead of the US dollar.
Russian Finance Ministry announced on Tuesday that Russian rubles andTurkish lira will be used to settle payments as part of an agreement thathad been inked between Moscow and Ankara.
The ministry said the agreement would seek “further expansion andstrengthening of interbank interaction, as well as ensuring uninterruptedpayments between business entities of the two countries.”
Russia and Turkey increased their value of trade to $25.5 billion at theend of 2018. However, the two have sought to gradually switch to usenational currencies to offset the impacts of the American restrictions ontheir financial systems.
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Russia has declared that it would go to every length to reduce the share ofthe dollar from its trade and economic relations with other countries.
