12 Dec 2023 20:37

Share of national currencies in Russian foreign trade to rise by a fourth to 65% in 2023, to top 80% in 2030 - Mishustin

MOSCOW. Dec 12 (Interfax) - The share of national currencies in mutual settlements of Russia with foreign countries will increase by about a quarter by the end of 2023 and reach 65%, and with primary trading partners this figure will approach 70%, Russian Prime Minister Mikhail Mishutin said.

"Difficulties in making international settlements on foreign trade contracts is one of the main obstacles to expanding foreign economic ties. Banks of friendly states fear the introduction of secondary sanctions, so it is necessary to actively develop systems of financial information transfer, alternative to Western analogues, to increase the share of national currencies in mutual settlements. We expect that by the end of this year it will grow by almost a quarter - up to 65%, and with supporting countries it will approach 70%," he said, speaking on Tuesday at a strategic session of the government on the development of foreign economic activity.

"By 2030, the share of national currencies in mutual settlements with foreign countries should be 80% or more," the prime minister said.

He noted that it is necessary to connect Russian payment and settlement infrastructure with key partners, to ensure the widest possible use of the Mir system and insurance support of commercial transactions.

Mishustin noted that Russia is increasing volumes of trade with partners in the EAEU, CIS and SCO, BRICS, with the countries of the Asia-Pacific region, Middle East, Africa and Latin America. In January-September 2023, the prime minister said, trade turnover with these countries increased by 21%.

By 2030, the share of friendly countries in trade turnover may be more than 90%, the prime minister said, adding that Russia does not intend to completely break off cooperation with so-called unfriendly countries.

"Russia has repeatedly emphasized that it will welcome all foreign partners who want to continue constructive interaction. We will apply a diversified approach to this group of countries, based primarily on our interests and readiness of counterparties to work in new conditions on the basis of mutual respect and consideration of each other's interests," the head of the government said.