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Russia intends to switch to rubles when trading with China

Russian President Vladimir Putin at the Russia Calling Forum announced Russia's intention to switch to national currencies in foreign economic settlements with China and other partners, TASS reports.

As Vladimir Putin said, recently the Russian company Gazprom Neft carried out the first trial oil supply to China for rubles. “In the future, we intend to actively use national currencies in the trade of energy resources, in the implementation of other foreign trade settlements - both with China and with other countries,” the president said.

The head of state also added that a corresponding mechanism has been created within the BRICS framework. “We see in the use of national currencies a serious mechanism for reducing risks, new opportunities for participants in economic life,” Putin said.

The Central Bank of Russia and the People's Bank of China in August 2014 agreed on a draft agreement on the exchange of assets in rubles and yuan. State-owned companies such as Gazprom and the United Shipbuilding Corporation have announced their readiness to switch to settlements with partners in yuan. Deputy Finance Minister Alexei Moiseev said in September that if China lifts restrictions on foreign exchange transactions for Russian counterparties, the countries will be able to transfer about half of their trade turnover to yuan and rubles. “The potential is colossal. I think that up to 50 percent of trade can be converted into national currencies, ”TASS quotes Moiseev as saying.

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