Russia's minister urges to switch to euro in energy resource trading with EU

Russia's minister urges to switch to euro in energy resource trading with EU

Since both Russia and the European Union are not dollar-based, it would be more beneficial for both to switch to euro in energy resource trading, Russian Economic Development Minister Maxim Oreshkin said.

He said that Moscow fully backs the EU in its recent initiative for wider use of the euro in the international arena, especially in the energy industry.

"If you look [at Russia's relations with the EU]…you will see cooperation and support from Russia in the current plan of increasing the role of the euro which was recently introduced by the European Commission," Oreshkin said in an interview to RT.

"Russia is not a dollar country, Europe is, you know, not dollar based… but for some reason we’re trading energy resources in dollars. So I believe we should think about switching at least to the euro as a more common currency both for Russians and the Europeans," the head of the Russian Economic Development Ministry stressed.

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