Russian President Vladimir Putin positively evaluated the joint work carried out by VTB Bank and the Central Bank of the Russian Federation on the development of foreign trade agreements, including national currencies. In this respect writer TASS.
On Thursday, Putin held a meeting with the head of VTB, Andrey Kostin. Here, the head of state offered to discuss the issue connected with “the organization of a settlement system for foreign trade transactions, the transition to national currencies, etc.”
“I know you are doing a good job here, including with the Central Bank of Russia,” Putin said.
In response, Kostin reported that bilateral agreements with countries in the Middle East, Asia and Africa have been actively developed in recent months. According to the head of VTB, the international interbank payment system SWIFT is being replaced by national systems.
“It’s important that they can interact with each other,” Kostin said.
He reported that Russia now supports the idea of creating a settlement and custody center that could replace Euroclear.
The head of the VTB assured that this and next year “a rapid transition to settlements in national currencies … in the countries of the Global South” can occur. He declared that he meant the developing states, the states that are now friendly to Russia. Kostin stated that intensive studies are currently being carried out on this issue.
Russian Foreign Minister Sergei Lavrov said that the transition to national currencies in trade at the end of May will have a healing effect on the global economy. According to Lavrov, Russia is actively entering into agreements with the states of Asia, Africa and Latin America, India, China and Iran in terms of national currencies. Deputy Prime Minister of the Russian Federation Victoria Abramchenko noted in June that Russia has signed more than 750 contracts in national currencies this year for the supply of grain, butter and sugar abroad, mainly Iran, Syria, Egypt and the CIS countries. Information was given on the negotiations between Russia and Qatar on the transition to national currencies.
Before Putin He insisted Transition to national currencies in agreements with African countries.