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Russia, UAE to mull settlements in national currencies

October 10, 2014, 15:36 UTC+3 MOSCOW
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MOSCOW, October 10. /TASS/. Russia and the United Arab Emirates are considering the use of national currencies in mutual settlements, Trade Minister Denis Manturov said Friday during the countries’ intergovernmental commission meeting.

It is the first time the issue has been discussed, Manutrov said. “We need time to work the issue out. We are proceeding from the fact that with some countries, including China, such agreements were struck. The issue has been put on the agenda based on past experience, and we expect banking experts of our countries to come to understanding,” he added.

UAE Foreign Minister Abdullah bin Zayed Al Nahyan said there are certain difficulties based on the fact that the country’s currency is closely tied to the US dollar.

“But from the political point of view, I can definitely say that we stand for broad relations and cooperation. If there is political will, then we can always overcome difficulties with the help from our experts on the economy’s technical issues,” the minister said.

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