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No possibility of reverse dollarization for Russian foreign trade — Kremlin special envoy

It is noted that the option of dollarization in trade with India has been excluded

MOSCOW, November 27. /TASS/. Russia prefers to trade with India, Iran, China and the Arab countries using national currencies and does not allow for any possibility of a new dollarization of Russian foreign trade, Russian Presidential Special Representative for Environmental Issues Sergey Ivanov said at the Primakov Readings international forum.

"Despite all the problems with the rupee, we nevertheless prefer trading [with India] in rupees and rubles and not in dollars. This already speaks to the fact that we have excluded the option of dollarization in our bilateral trade," Ivanov said.

The same applies to Iran and China, the envoy noted. "I hope [this is the case] with our Arab partners in the Persian Gulf states as well. They have hard currency, normal currency; we can trade in rubles and in the currencies of the Persian Gulf states," Ivanov said.

"The trend has already become clear. The question now is how quickly it will evolve," he noted. Mumbai will become one of the hubs of the North-South transport corridor, enabling a further boost in non-dollar trade volumes, the senior official said.