Russia, Vietnam Ditching Dollar in Bilateral Trade: Report
TEHRAN (Tasnim) – The Russian Federation and Vietnam have taken effective steps in sidelining the US dollar in their mutual transactions.
The trade settlements in the national currencies between Russia and Vietnam have skyrocketed in 2023, VTB’s head of international settlements told RIA Novosti ahead of the Investment Forum Russia Calling 2023.
Olga Basha noted that settlements conducted in ruble and dong between the two countries have quadrupled.
“In Vietnam, we are market makers with all the payments for the ruble-dong pair going through our joint bank,” the executive at Russia’s second-biggest lender said.
According to Basha, the Russian bank recorded an exponential growth in transactions settled in national currencies passing through VTB’s infrastructure within the subsidiaries and branches abroad.
She added that the bank also works in India and China and operates a chain of banks across the Commonwealth of Independent States, the report added.
