RT.com
05 Aug 2022, 14:43 GMT+10
The Central Bank suggests firms should dump their dollars and euros in favor of ?friendly? denominations
Russia's central bank has called on manufacturers and non-financial services providers to convert their dollar and euro holdings to "friendly" currencies such as the Chinese yuan.
The proposal was put forward in a document for public discussion released by the regulator on Thursday, dedicated to developing key areas of the financial market under sanctions.
"The blocking of Russian assets by unfriendly countries, as well as operational restrictions on settlements in the world's major reserve currencies, create risks for citizens and businesses when using the US dollar and the euro," the Central Bank said.
Additional measures will be taken to reduce banking operations in these currencies, the regulator added.
In May, Finance Minister Anton Siluanov called the dollar and the euro "toxic currencies" for Russia, as their use was restricted in the country amid unprecedented Western sanctions. Instead, Moscow has chosen to switch to trade in rubles and the currencies of so-called "friendly" nations, which didn't join the American, European and British sanctions against the country.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Beijing Bulletin news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Beijing Bulletin.
More InformationWASHINGTON, D.C.: The U.S. Department of Justice kicked off its landmark antitrust trial against Google this week, warning that the...
HANOI, Vietnam: Vietnam's Ministry of Public Security is seeking to acquire a majority stake in FPT Telecom, one of the country's top...
BEIJING, China: Apple's grip on China's smartphone market continued to weaken in the first quarter of 2025, with the U.S. tech giant...
TAIPEI, Taiwan: Taiwan's TSMC reported stronger-than-expected first-quarter earnings on Thursday, driven by booming demand for AI-related...
LONDON - Google is facing a multibillion-pound legal challenge in the UK over allegations it misused its dominance in online search...
New Delhi [India], April 23 (ANI): The total capital inflow in the real estate sector will maintain positive momentum in the current...
WASHINGTON, D.C.: The U.S. Department of Justice kicked off its landmark antitrust trial against Google this week, warning that the...
NEW YORK, New York - U.S. President Donald Trump retreated from his harsh approach to trade negotiations with China on Wednesday, and...
WASHINGTON, D.C.: More U.S. pharmacies are promising to get prescriptions to your doorstep faster than ever, with same-day delivery...
WASHINGTON, D.C.: The Trump administration has launched the first step in crafting a new five-year offshore oil and gas leasing program...
WASHINGTON, D.C.: U.S. regulators have approved Virginia-based Capital One's $35.3 billion acquisition of Discover Financial Services,...
NEW YORK, New York - U.S. stocks recovered Tuesday after tanking a day earlier. The U.,S. dollar also clawewd back up off the floor,...