5 Aug 2022 20:07

Putin, Erdogan agree to switch to ruble payments for Russian gas - Deputy PM Novak

SOCHI. Aug 5 (Interfax) - Russia and Turkey are switching to payments for Russian gas supplies in rubles, on which the two presidents agreed at negotiations in Sochi on Friday, Russian Deputy Prime Minister Alexander Novak said.

"The presidents have agreed that we are beginning partial gas supplies and payments for them in rubles," Novak told journalists.

Russia currently ships about 26 billion cubic meters of gas to Turkey annually.

"We are gradually switching to payments in national currencies, and part of the shipments will be paid for in Russian rubles now. This is a new stage indeed, which opens up new opportunities, including for the development of our monetary and financial relations," Novak said.

Putin and Erdogan also discussed cooperation in the financial and banking sector, he said.

"Our commercial companies and our citizens should have an opportunity to pay [in national currencies] during their tourist trips and in the process of trade turnover," Novak said.

Therefore, "the presidents discussed the financial-banking block, on which major agreements have been reached," he said.

"In fact, we were working today on achieving the goal set by the presidents to bring our trade turnover to $100 billion and to simplify the procedures that enable our businesses to communicate," Novak said.