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27 October 2022, 12:41

Kostin: Quitting U.S. dollar and euro is an irreversible process for Russia

Andrei Kostin. TASS photo
Andrei Kostin. TASS photo

BAKU, 27 October (BelTA) – Ditching U.S. dollar and euro is an irreversible process for Russia, Andrei Kostin, head of VTB Bank, one of the largest Russian banks, said at the Eurasian Economic Forum in Baku on 27 October, BelTA has learned.

"Quitting U.S. dollar and euro is already an irreversible process for Russia. Taking into account the current trend, our main foreign trade partners in the medium term will be China, the EAEU countries, Turkey, India, Middle East, Latin America, and Africa. The transition to settlements in national currencies with these countries is the most important priority for us," Andrei Kostin said.

According to him, the freezing of part of the gold and foreign exchange reserves of the Russian Federation is evidence that this can happen to any state. "No state can feel fully protected in the conditions of dollar-centric global economy," the head of VTB Bank emphasized.

Russia should be patient and gradually promote settlements in national currencies in dialogue with partners at all levels, Andrei Kostin said.

The Eurasian Economic Forum, which was held in Italy's Verona for 14 years, has been relocated to Baku this year. The 15th edition of the forum is held in the capital of Azerbaijan on 27-28 October. This event brings together politicians, experts, diplomats, company heads and journalists from the West and the East. The forum was held in Italy even in the midst of the COVID-19 pandemic. However, today's geopolitical realities forced the organizers to change the traditional venue of the forum.

The forum participants are set to discuss a wide range of practical issues in the field of economy and finance, healthcare, environment, energy and technological innovations in Greater Eurasia. This year the forum will be themed “Eurasia on its path to a new geopolitical, social, and economic order: transition to a new, human-centered economy”. On the first day of the forum, the participants will discuss global energy challenges, European energy security, the role of business in global geopolitics and the creation of a cooperation economy from the Atlantic to the Pacific. On the final day of the forum, discussions will focus on the work of the financial sector in the face of new geopolitical challenges, the development of transport and infrastructure as a condition for modernizing the digital economy and the development of territories, as well as the industrial revolution and the formation of the economy of the future in Greater Eurasia.

The event is organized by the non-profit organization Conoscere Eurasia Association (Italy), the Roscongress Foundation, the St. Petersburg International Economic Forum with the support of the Ministry of Economy of Azerbaijan.

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