Ruble to rebalance against yuan, dollar gradually, no risk of yuan trading suspension - Sberbank's Gref

ST. PETERSBURG. July 3 (Interfax) - The ruble exchange rate's equilibrium against the yuan and dollar will be restored gradually, and there is no risk of yuan trading being suspended in Russia, Sberbank CEO Herman Gref told reporters on the sidelines of the Bank of Russia Financial Congress.

"I don't see it," he said, when asked whether there are any risks yuan trading might be suspended in Russia due to possible secondary sanctions.

Answering the same question, the head of VTB Andrei Kostin said: "I think that the yuan will still be used widely in trade between Russia and perhaps not only China, but how this will be organized is another question."

The United States on June 12 added the Moscow Exchange and its group members National Clearing Center (NCC) and National Settlement Depository (NSD) to its sanctions list. This caused exchange trading in the dollar and euro to be suspended. Transactions with these currencies continue on the OTC market, data from which is used to calculate official dollar and euro exchange rates.

Gref said he believed the official rate was now representative.

"There has always been an OTC market, and up to 60% of trading always took place on the exchange market. Now the volume is of course greater, and accordingly, the exchange rate will be fairly representative. All mechanisms are gradual, and the exchange rate against the yuan and dollar will balance out gradually. I don't see any calamity here," Gref said.