- Sputnik International
Russia
The latest news and stories from Russia. Stay tuned for updates and breaking news on defense, politics, economy and more.

Russia to sell energy in rubles, banks to meet ruble demand

Subscribe
STRELNA, July 16 (RIA Novosti) - Russia will sell energy and other strategic goods for rubles, and Russian banks are preparing to meet overseas demand for the Russian currency, the finance minister said Sunday.

These two moves come as part of the policy seeking to make Russia's ruble fully convertible and encourage foreign investment in the Russian economy.

"Several banks have already set themselves the task to provide such an opportunity for any client in any corner of the world," Alexei Kudrin told a briefing on the sidelines of a G8 summit held outside St. Petersburg this weekend.

Kudrin added that the government had abolished all restrictions on capital flow on July 1. He said the ruble would only be really convertible later and the sale of energy products was designed to help the process.

"This will require ruble circulation and ruble sale on world markets," Kudrin said. "It means that our banks will have to supply rubles to all clients and open correspondent accounts for them in Russian banks."

The minister said the process had already started and it required higher standards from the Russian banking system.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала