Russian de-dollarization plan submitted to government

Added On October 6, 2018

Russian Finance Minister Anton Siluanov has said a de-dollarization plan for Russia's economy has been prepared and submitted to the government.
Siluanov, also first deputy prime minister, said that Russia will be creating a preferential treatment plan, encouraging participants in foreign economic activities to use Russia's national currency.
The plan encourages exporters to gradually transition settlements from the U.S. dollar to the Russian ruble by 2024, and businesses resorting to settlements in rubles will have an accelerated return of value added tax.
Siluanov also noted that the plan will not affect foreign currencies in deposits held by Russian citizens in Russian banks.
Russian officials have repeatedly proposed moving away from the U.S. dollar and towards the ruble, due to the U.S. sanctions on Russia.
Relations between Russia and the West have deteriorated over the poisoning of a former Russian spy in Britain earlier this year.