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West is hostile towards Russian financial institutions — Putin

The President noted that the share of settlements in "toxic" Western currencies in Russian trade turnover has halved, following unfriendly actions regarding its financial institutions, while the share of the ruble has grown to 40%

MOSCOW, September 25. /TASS/. Western elites are acting hostile towards Russian financial institutions and systems, but Moscow is successfully solving the arising issues, Russian President Vladimir Putin said at an expanded meeting of the Presidium of the State Council on the issue of export development.

"Absolutely hostile actions have been taken by some Western elites against Russian financial institutions and payment systems. It has become more difficult both to receive payment for export deliveries and to pay for imported goods," he said.

"We have managed to solve this problem to some extent," Putin added.

The President also noted that the share of settlements in "toxic" Western currencies in Russian trade turnover has halved, following unfriendly actions regarding its financial institutions, while the share of the ruble has grown to 40%.

"Last year, the share of settlements for Russian exports in so-called toxic Western currencies halved, the share of settlements in rubles in foreign trade transactions is approaching 40%," he said.

In 2021-2023, the share of settlements in national currencies tripled to 39%, the share of settlements in rubles for imports increased by 2%, to 30%, the head of state added.

"We continue to work in this direction. Together with our foreign colleagues, we plan to make wider use of national currencies and conduct settlements through clearing payment systems," Putin said.

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Foreign policy Vladimir Putin Trade & Cooperation

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