Russia does not seek to completely abandon use of dollar — Lavrov

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MOSCOW, June 9. / TASS /. Russia is not looking to completely abandoning the use of the dollar, said Russian Foreign Minister Sergey Lavrov, when speaking at the Primakov Readings forum on Wednesday.

“We really want to engage in de-dollarization of our economy, our financial system. The other day it was decided that our gold and foreign exchange reserves will no longer be stored in dollars, the corresponding actions have already been taken. But I emphasize again – this does not mean that we are abandoning the use of dollar in general,” said Lavrov.

Lavrov noted that Russia also seeks to use national currencies in bilateral settlements with other countries. “We strive to rely more and more on other currencies. On national currencies when it comes to bilateral trade with our partners – with China, other SCO members, a number of other countries,” he said.

During the St. Petersburg International Economic Forum, Finance Minister Anton Siluanov announced that Russia is fundamentally changing the structure of the NWF’s investment, completely abandoning dollar assets. At the same time, the share of the Chinese yuan will double, and it will also be possible to place funds of the NWF on accounts with the Central Bank in precious metals, including gold.