Russia Decides to Reduce the Use of Dollars and Euros

Russia's Central Bank is taking steps to reduce the use of dollars and euros. Underlining that the use of the US dollar and euro poses risks due to the steps taken by unfriendly countries, Russia is developing methods to help accelerate the process of moving away from these currencies. It is stated that they will introduce additional measures to reduce banking transactions in foreign currencies.

The Central Bank of Russia published "The financial market: New challenges in current conditions", the Bank of Russia said that ensuring the stability of financial institutions and their participation in the structural transformation of the economy is one of the main priorities. The report details the expansion of debt and equity instruments to finance economic development. "The blocking of Russian assets by unfriendly countries and operational restrictions on payments in world reserve currencies create risks for citizens and businesses when using US dollars and euros," the report warned that the steps taken by Western countries, which Russia has identified as unfriendly countries, increase financial risks. Recommendation from the Central Bank of Russia to the Russian government In the report, it was noted that the Central Bank of Russia will take steps to reduce the use of dollars and euros in Russia, "Additional measures will be introduced to help accelerate the process of moving away from these currencies and reduce banking transactions in such currencies". In addition, the report also recommended the Russian government to encourage Russian state-owned companies to convert their dollar and euro savings into the currencies of countries that do not impose sanctions.