Russian Economy Minister Maxim Oreshkin said the country is considering alternatives to the US dollar for energy transactions and is exploring currency settlements in euros and roubles for energy exports to minimize US exposure.
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“We have a very good currency, it’s stable. Why not use it for global transactions?” Oreshkin said in an interview with the Financial Times on Sunday, Reuters reported.
“We want (oil and gas sales) in roubles at some point,” he was quoted as saying. “The question here is not to have any excessive costs from doing it that way, but if the broad ... financial infrastructure is created, if the initial costs are very low, then why not?”
Oreshkin said that Russia will be able to sell its energy exports in local currency given the popularity of the country’s domestic bonds among foreign investors, who own 29% of its rouble debt.
Russia has attempted to reduce its exposure to the US through a “de-dollarization” policy to offset the impact of US sanctions.
Russian assets came under pressure after the first round of western sanctions were imposed in 2014 when the Black Sea peninsula of Crimea rejoined Russia.
