Russia Working to Ditch Dollar, Euro in Trade With Asia, Africa

"This process is not quick [transition to national currency settlements], and we launched it not in the form of a response to sanctions. We have been systematically conducting this work for several years, accumulated practice and have experience regarding the work of commercial banks and the Central Bank in those countries where it is advantageous for us to carry out this work," Manturov said.

"This applies less to European countries, more to the countries of the Middle East, Southeast Asia, even Latin America, Africa," he added.

Russian car manufacturers are switching to national currencies in payments with Turkey for supplies of components, a number of companies have announced such plans, Denis Manturov said.

READ MORE: Turkey Ready to Conduct Trade With Partners in National Currencies — Erdogan

According to the minister, Turkish producers "are switching now to transactions in national currencies with great pleasure."

"I cannot tell exactly whether our producers have switched today to purchases in national currencies, because there are many of them, more than a hundred manufacturers. However, at least a month ago, we talked with a number of our producers, they were planning to switch in the near future … Switching to national currencies is always risk-hedging. The lira has weakened, the ruble has slightly weakened. It would be very comfortable for us," Manturov said, when asked Russian producers had already stated to pay in Turkish lira for supplies of car components.

Earlier, Turkish President Recep Tayyip Erdogan vowed that he would pursue non-dollar transactions in trade with Russia and other countries.

In addition to this, Commercial banks from Russia and Iran have agreed to pay for bilateral supplies of products in national currencies.

According to a declaration adopted at SPIEF, Russia and India also seek to coordinate efforts on introducing trade in national currencies.