At the Meeting of the Commission for Strategic Development of the Fuel and Energy Sector and Environmental Safety held on October 27, Vladimir Putin called for stopping the practice of using foreign currencies in domestic oil transshipment settlements, Kremlin press center says.
“I am talking about finally stopping the practice of using foreign currencies in domestic settlements….Our law prohibits such payments, but what really happens? The prices for transhipment of crude oil and oil products in Russian ports of Novorossiysk, Taman, Ust-Luga, Kozmino, Primorsk and others are either set directly in US dollars or are denominated in US dollars in the online system practically in real-time mode. And this, of course, is unacceptable, it is in direct contradiction to current legislation”, the President said.
He also said national currencies should be used more widely in transactions with nations that Russia has active trade with.