Russia's De-Dollarization Plan Not a Tool in Event of Sanctions - Minister

Earlier, Russia's First Deputy Prime Minister and Minister of Finance Anton Siluanov said that a plan on the de-dollarization of the country's economy had been prepared and submitted to the government.

The Russian finance ministry expects the plan for Russian economy's de-dollarization to be adopted before end of 2018, Russian Deputy Finance Minister Alexei Moiseev said.

The de-dollarization plan for the Russian economy is classified as "for official use only" at the development stage, and the government will have to make a decision on its publication, Deputy Finance Minister Alexei Moiseyev told journalists.

READ MORE: Gas and De-Dollarization: US Sanctions Drew Russia, Iran Together — Official

In early October, the Russian government's press service announced that the authorities were working on a plan to reduce the economy's dependence on the dollar.

The government's plan does not detail any restrictions or bans on transactions in dollars; it seeks to stimulate payments in national currencies and create appropriate mechanisms that will allow transactions in any currency without unnecessary losses.

According to Russian Finance Minister Anton Siluanov, European companies are considering the idea of abandoning the dollar in transactions with Russia.

Earlier, he said that the US dollar was becoming an unreliable tool for payments in international trade.