Moscow and Ankara agree on use of national currencies in mutual settlements

Moscow and Ankara agree on use of national currencies in mutual settlements

Russia and Turkey has signed an agreement with Turkey on using national currencies in payments and settlements, the Russian finance ministry said.

The agreement was signed by Russian Finance Minister Anton Siluanov and Turkish Finance Minister Berat Albayrak signed on October 4.

According to the ministry, the agreement is aimed at gradually switching to using the ruble and the lira in mutual settlements, Reuters reported.

The agreement envisages connecting Turkish banks and companies to the Russian version of SWIFT payment system, while enhancing the infrastructure in Turkey that would allow using the Russian MIR cards, designed by Moscow as alternative to MasterCard and VISA.

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