11:46 GMT +3 hours24 July 2016
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Russia Mulls Trading With China, Iran in National Currencies

© Sputnik/ Alexandr Demyanchuk
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Moscow is discussing the possibility of settling payments with Beijing and Tehran in national currencies to intensify agricultural trade, an aide to the head of Russia’s agricultural watchdog Rosselkhoznadzor said Monday.

MOSCOW (Sputnik) — In November 2015, Russian President Vladimir Putin said Moscow should intensify the use of national currencies in bilateral payments with Iran.

In December 2015, Charge d'Affaires at the Chinese Embassy in Russia Zhang Xiao said that the value of trade between Russia and China could reach the equivalent of $100 billion if the sides used national currencies for mutual payments and modernized the model of bilateral economic cooperation.

"As we know, the [Russian] Finance Ministry is working on creating a scheme [of payments in national currencies]… This issue has been repeatedly discussed at Russian-Chinese negotiations as well as with Iran," Aleksei Alekseenko said an agricultural exhibition in Moscow.

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trade, Iran, China, Russia
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  • rasoj
    Isn't it an obvious thing to do?
  • peaceactivist2
    In order to truly get away from the dollars, all transactions must do it in own term and not base on the dollar trading value. If Russia still selling stuff based on dollar value but simply accepting Chinese yuan, then can't say getting away from the dollar
  • Mitach2002
    All nations need to distance themselves from the US dollar. Any nation that uses US dollars only helps finance that evil governments wars and help it remain a nation of power that only harms mankind.
  • backfromthegraav
    Father Frost times .. Ho ho ho
  • Porkbelly Porkerpig
    What difference does it make if they trade in National Currencies, instead of the US dollar? If you end up being stuck with an excess supply of some country's worthless currency, you can just write it off.

    You should do what is most profitable economically. If being stuck with wheelbarrow-fulls of worthless currency from several countries around the world, is preferable to complaining about the US dollar all the time, then by all means, you should just go do it.
  • sepheronx
    This is constantly stated by sputnik. It has already happened since last year of trade between Yuans and Ruble. So why continue to ask the same question again afterwards?
  • Porkbelly Porkerpig
    Apparently, Russia China and Iran desperately WANT to stop using the US Dollar in their international transactions, but they just cannot help themselves.
    Maybe it is easier for them to quit smoking, than to quit using the dollar.
  • siberianhusky
    Apparently is was one of the reason that America go to war with Iraq and Libya. The wanted to get away from being paid in petro dollars for their oil.
  • Is it because I am black?in reply toPorkbelly Porkerpig(Show commentHide comment)
    Porkbelly Porkerpig, it may not even be strategic behaviour, since a depreciating Dollar will help their imports and devalue not only their assets, but more importantly their debt. So this is why the US maybe needn't be too worried about Ruble, Yuan and Co.
  • Is it because I am black?in reply tosepheronx(Show commentHide comment)
    sepheronx, because it may actually be good for the US, see my answer to Porkbelly Porkerpig.
  • espenskrdal
    Russia is strong, free and independent. This is admirable qualities .
  • michael
    I thought that this had already been reported and agreed to?
  • hans.schultz
    Russia shouldn't rely much on foreign investments, but rather create credit itself and invest from the government in infrastructure in Russia.
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