Russia, Azerbaijan consider de-dollarization of mutual settlements

© Photo: Maria Novoselova/Vestnik Kavkaza

The RIAC Director General spoke about possibility of complete abandonment of the dollar in bilateral Russian-Azerbaijani trade and replacing it with rubles and manats. He emphasized that the entire world market will face gradual de-dollarization due to the specifics of international politics.

American sanctions against key financial institutions of the Russian Federation motivated Moscow and Baku to start working on the transition from dollars to rubles and manats in mutual settlements, RIAC Director General Ivan Timofeev informed.

The sanctions affected the MICEX, which is why the Moscow Exchange stopped dollar trading and now dollars and euros in Russia can only be bought in banks. In addition, difficulties arose in settlements with foreign enterprises, including Azerbaijani ones. Thus, the initiative for mutual trade between Russia and Azerbaijan for rubles and manats was announced.

“Currently, negotiations are underway between Moscow and Baku on the transition to national currencies. By the way, the MIR system is already managing to reach external partners. This is in the interests of Azerbaijan, as it will facilitate the flow of Russian tourists and entrepreneurs,”

– Ivan Timofeev said.