Banks Of Unfriendly Countries Delay Payments For Russian Energy - Putin - UrduPoint

Banks of "unfriendly countries" are delaying payments for Russian energy, Russian President Vladimir Putin said.

"There are failures in payment for export deliveries of Russian energy resources. Banks from these most unfriendly countries are delaying the transfer of payments," he said at a meeting on the situation in the oil and gas sector.

The president recalled that the task had already been set to switch settlements to the national currency, to gradually move away from the US Dollar and the euro.

The Russian foreign exchange market must be prepared for a radical increase in the share of settlements in national currencies in Russia's foreign trade so that any of these currencies can be freely and in the right amount exchanged for Russian rubles, this is a strategic task, Putin said.

"In general, we intend to radically increase the share of settlements in national currencies in the foreign trade system. Important steps are already being taken in these areas, and the key task here is to prepare our foreign exchange market for such a transition so that any foreign Currency can be freely and in the required amount exchanged into Russian rubles," Putin said.

"I repeat, the rejection of unreliable, compromised currency jurisdictions is a strategic task in terms of the financial and economic security of our country, important for maintaining and increasing foreign trade, establishing stable ties with predictable partners who are true to their word and value their business reputation, understand the consequences of their decisions," the president added.