Sun May 25, 2014 2:30PM GMT
Russian Prime Minister Dmitry Medvedev says Western sanctions against Moscow will galvanize it into using the ruble as a currency for global trade, amid heightened tensions between Russia and the US over Ukraine.
“Trading for rubles – this is a definite priority,” Medvedev said in an interview published on Saturday.
“This, in fact, should ultimately move the ruble from the cohort of freely convertible currencies into the ranks of reserve currencies,” the premier added.
The Russian government is reportedly considering plans to oblige state-owned companies to receive payment for key exports in rubles, rather than in dollars as at present.
“Of course, the more we sell, for example, our products, including oil, gas, machine-building, defense products for rubles, the more…
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