Russia must increase agreements in national currencies with partner countries, Denis Manturov, head of the Russian Ministry of Industry and Trade, said on Monday at the plenary session of the Innoprom international exhibition in Uzbekistan.
Moscow has called on trading partners to switch to national currencies
According to the minister, in 2021, the growth of Russia's commercial turnover with partners in these associations amounted to about 38%, while together these unions account for about half of the world economy. According to Manturov, the future of their successful cooperation depends on how quickly Russia's partners switch from the US dollar and euro to national currencies in mutual agreements.
“What is happening today in the global economy and in the world gives us a clue as to how we should rebuild our logistics, our industrial cooperation, in which directions we can develop our economies. That [is] the challenge. -Dollarization, and now we have added deeurization, that is, the transition to our own currencies to be as independent as possible in terms of mutual agreements,” Manturov said.
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The Minister added that Western Europe and the United States are now experiencing hyperinflation, which "affects the development of industrial sectors and the economy as a whole." And shifting cooperation from alliances that do not include the EU and the US to national currencies will give Russia's partners maximum independence in developing joint projects, he added.