Moscow is looking for ways to delink national-currency trade…

(MENAFN) Based on the RBK on Saturday, which cited sources in the financial industry and the government, Moscow is looking for ways to delink settlements with foreign partners from the United States dollar.

Following the imposition of sanctions on the country earlier this year by a number of Western countries related to the war in Ukraine, Russia has intensified attempts to convert foreign settlements to national currencies. Russia’s use of the euro and the dollar has been regarded compromised as a result of the penalties.

Nonetheless, the dollar still serves as the basis for calculating the exchange rate for local currencies used in cross-border commerce. When computing the ruble-tenge exchange rate, for instance, the value of the tenge in dollars is converted into the ruble and vice versa.

According to RBK’s sources, the Finance Ministry and Central Bank of Russia are currently collaborating with banks on a mechanism that would enable Russia to set costs for foreign contracts using new indicators without taking the dollar exchange rate into account.

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