‘Trade settlements with Egypt to conduct without dollar or euro’: Russia FM

MOSCOW, May 15 (YPA) – Russia’s Minister of Industry and Trade, Anton Alikhanov, revealed on Wednesday that almost 40 percent of trade settlements between Russia and Egypt have been conducted in currencies other than the dollar and the euro.

“We discussed many issues related to settlements,” Alikhanov said on the sidelines of the 15th meeting of the Russian-Egyptian Joint Government Commission in Moscow, according to Russia Today. “About 40 percent of settlements are already being carried out in other currencies, including national currencies, but there is still work to be done.”

Alikhanov stated that Russia hoped to hold consultations between the two countries’ central banks in the near future, which would lead to an increase in the share of national currencies in mutual settlements and a shift away from reliance on the euro and the dollar.

Earlier, he confirmed that the conclusion of a free trade agreement between Egypt and the Eurasian Economic Union would be the main driver of trade growth between Russia and Egypt.

AA