Is Russia ready to use euros in trade?

Is Russia ready to use euros in trade?

Russia is ready to use euros rather than US dollars in foreign trade if the European Union declares its stance against expansion of the US anti-Russian sanctions, Russian Finance Minister Anton Siluanov said, speaking at the St. Petersburg International Economic Forum.

"As we see, restrictions imposed by the US partners are of an extraterritorial nature," he said. "If our European partners declare their unequivocal position [against the expansion of sanctions], we certainly see a way out in using the European currency, the European infrastructure organizations for financial settlements, for payments for goods, services, which often fall under various kinds of restrictions," Siluanov noted.

He added that Russia would use European currency and the EU financial institutions in order to pay for goods and services which currently fall under different kinds of restrictions if Europe "declared its unequivocal position" on the necessity of lifting anti-Russian sanctions.

The minister also pointed out that Russia had already been developing ways of domestic currency settlements with its trade partners.

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