Russia gets ready to shift currency liquidity to the euro — RT Business News

Russian authorities are planning to shift the nation’s currency liquidity from the US greenback to the euro, the nation’s Finance Ministry introduced on Monday.

“Our number one goal is to turn Russia into a euro-oriented country, thus to replace the dollar with the euro,” stated Dmitry Timofeev, head of the division of exterior restrictive measures management at the Russian Finance Ministry.

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The official famous that Russia has each purpose for the transfer, including that the authorities is making ready a variety of incentives for companies to transition to the European single currency.

“Since we are a market economy, we cannot just order: stop using dollars,” Timofeev stated, although he added that some state-owned companies may be compelled to shift.

“We need to develop the necessary tools in a single package to move the entire economy further away from the dollar, which, in fact, will allow us to avoid sanctions and make the world more democratic,” he added.

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The announcement comes days after Russian Finance Minister Anton Siluanov stated that the National Wealth Fund would cut back its share of {dollars} to zero inside the subsequent month.

Meanwhile, Russian Deputy Prime Minister Alexander Novak warned that Russia might quickly be tempted to transfer away from dollar-denominated crude contracts if the US administration continues to pile up focused financial sanctions.

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