Senators recommend the Bank of Russia to expand payments within international economic activities, in particular, in Indian rupees, Iranian rials and the UAE’s dirhams, according to a final decree by the Federation Council following a statement by Governor of the Russian Central Bank Elvira Nabiullina.
"To recommend the Central Bank of the Russian Federation to consider the issue of expansion of settlements in national currencies, including Indian rupees, Iranian rials, the UAE’s dirhams and other foreign currencies in international economic activities," the document reads.
Moreover, senators recommend the government to continue efforts on entering into intergovernmental agreements on clearing (non-cash transactions between countries, banks, companies and enterprises - TASS) in national currencies with friendly states "for facilitating the increase in the use of national currencies for servicing international trade contracts with prior partners."
Earlier, the State Duma (lower house of parliament) passed in the third, final reading the bill that enables banks and brokers of countries that are Russia’s international trade partners and do not belong to the Eurasian Economic Union, to participate in on-exchange trading of foreign currency in Russia.
