ST. PETERSBURG, June 15. /TASS/. The currencies of unfriendly countries or blocs, such as the dollar and the euro, are turning finance from the lifeblood of the economy into blood clots, Alexander Vedyakhin, first deputy board chairman at Sberbank, said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

That is why it is necessary to switch to executing settlements in national currencies, he added.

"Finances are the lifeblood of the economic system. We see that where the euro and dollar currencies are used, however, this lifeblood often turns into blood clots. It is necessary to increase the volume of trade and settlements carried out in the currencies of the SCO [Shanghai Cooperation Organization] countries to the maximum degree possible," Vedyakhin said.

The 26th St. Petersburg International Economic Forum (SPIEF) - Russia’s showcase annual economic and business event - is being held on June 14-17. The theme of this year’s forum is: "Sovereign Development as the Basis of a Just World: Joining Forces for Future Generations." TASS is the official information partner of the event.