Russian Foreign Minister Sergei Lavrov says Russia has been exploring for some time using national currencies to settle bilateral trade deals with Turkey and other countries.
Lavrov, who was speaking at a news conference with his Turkish counterpart in Ankara, said on Tuesday that the US dollar’s role as a global trade currency was in decline. “I’m confident that the grave abuse of the role of the US dollar as a global reserve currency will result over time in the weakening and demise of its role.”
The top Russian diplomat went on to say that Moscow favored bilateral trade with all countries in their national currencies, rather than in dollars.
“The use of national currencies for mutual trade has for several years been one of the tasks that the presidents of Russia and Turkey had set,” said Lavrov.
“Identical processes have been happening in our relations with Iran. Not only with Turkey and Iran, we’re also arranging and already implementing payments in national currencies with the People’s Republic of China,” he added
The remarks come as the Kremlin has already backed a Turkish plan to dump the dollar and trade in national currencies.