Russia expands list of friendly, neutral countries whose banks can trade forex to 40

MOSCOW. Feb 3 (Interfax) - Banks and brokers from Argentina, Cambodia, Laos, Mexico, Nigeria, Tunisia and Ethiopia will now be able to participate in forex trading in Russia, the Russian government said on its website.

"The number of friendly and neutral countries whose credit institutions and brokers will be granted access to trading on the Russian forex market, as well as the derivatives market, has increased to 40. The order on this has been signed. Now representatives of Argentina, Cambodia, Laos, Mexico, Nigeria, Tunisia and Ethiopia will be able to participate in forex trading," a statement posted on the Cabinet's website Sunday said.

The government recalled that it approved the initial list of friendly and neutral countries in September 2023. "It included more than 30 countries, among which were Armenia, Belarus, Kazakhstan, Kyrgyzstan, Uzbekistan, as well as Brazil, Egypt, India, China, the United Arab Emirates, Saudi Arabia, Serbia, Thailand, Turkey and South Africa," the statement said.

"The signed order is part of the work on implementing new provisions of the federal law 'On organized trading' passed in July 2023. They make it possible to increase the efficiency of the mechanism of direct conversion of the national currencies of friendly and neutral countries and establish direct quotas against the ruble to meet the Russian economy's demand for settlements in national currency," the Cabinet said.