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30 May 2023, 10:04

Krutoi: Trade with third countries can be modeled on Belarus-Russia settlement system

An archive photo
An archive photo

SMOLENSK, 30 May (BelTA) – The Belarus-Russia system of trade settlements can be used in trade with third countries, Belarusian Ambassador to Russia Dmitry Krutoi told journalists, BelTA has learned.

“Russian rubles account for 85% of our trade with Russia. Therefore, I believe we have already de-dollarized our trade. And now, we need to scale up these financial schemes and use them in our trade with third countries,” the ambassador said.

“This process is going on pretty well in the Eurasian Economic Union. This matter was discussed by the leaders of our states last week; they upheld the proposals to promote national currencies in financial settlements. Yet, this process is still at the nascent stage in our Union State, because we mostly trade with third countries separately. However, such development institutions as, for example, VEB.RF or BelVEB, the Development Bank, are now trying to come up with such schemes with Russian enterprises when jointly produced goods or Belarusian products would be exported to third countries using the national currencies of these development institutions. Of course, this will be a breakthrough. We would start with friendly nations, like Iran, Türkiye, Saudi Arabia, the United Arab Emirates,” Dmitry Krutoi added.

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