Russia's VTB head says complete de-dollarization is utopia

Russia's VTB head says complete de-dollarization is utopia

Russia could expand the use of rubles for international settlements but it was unlikely to ban U.S. dollars, chief executive of VTB Andrei Kostin said.

"Wider usage of the ruble... gives more business to the Russian banks, improves competitiveness," the VTB head noted.

"It is impossible to ditch the U.S. dollar, this is utopia... no one will ban the dollars in Russia and restrict them," Reuters cited him as saying.

Kostin recalled that 5 years ago, the share of ruble in Russia’s settlements with India was at 3% which has now grown to 20%.

6110 views





Populars