Russia Ready to Use Euros in Trade If EU Opposes Expansion of Sanctions

"As we see, restrictions imposed by the US partners are of an extraterritorial nature… If our European partners declare their unequivocal position [against the expansion of sanctions], we certainly see a way out in using the European currency, the European infrastructure organizations for financial settlements, for payments for goods, services, which often fall under various kinds of restrictions," Siluanov noted speaking at the St. Petersburg International Economic Forum (SPIEF).

The minister went on saying that Russia would use European currency and the EU financial institutions in order to pay for goods and services which currently fall under different kinds of restrictions if Europe "declared its unequivocal position" on the necessity of lifting anti-Russian sanctions.

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He also pointed out that Russia had already been developing ways of domestic currency settlements with its trade partners.

The European Union, which initially backed the US anti-Russian sanctions, has recently criticized Washington's policy of imposing various restrictions on other countries, especially after Europe itself had been hit by the US steel and aluminum tariffs. Tensions between transatlantic partners further escalated after US President Donald Trump announced that Washington was withdrawing from the nuclear agreement with Iran and reimposing sanctions on this country.

SPIEF, held annually in Russia's second largest city of St. Petersburg, is a major global platform for communication between business representatives and the discussion of crucial economic issues.

Sputnik, which is a multimedia international news and information agency, is the official media partner of the forum.