According to Kostin, his proposals on the use of the dollar amid the deteriorating situation caused by the US sanctions do not provide for complete de-dollarization, but rather a gradual switch to trade in national currencies, for example within the Eurasian Economic Union (EAEU) or in certain areas, such as armaments.
"This plan is absolutely long-term and seeks a change in the global trend rather than a split-second one-time solution… I think it will take at least five years. We need to move, take small steps, at least in new contracts, for the future. I do not think that everything needs to be reviewed immediately. I hope that the situation will not be so critical," Kostin said.
After being asked if Putin supported his proposals on de-dollarization of the Russian economy, Kostin responded: "in general, yes."
At a meeting with Putin in July, Kostin asked the president to back the proposals prepared by the VTB and aimed at de-dollarization and restricting the use of offshore structures.
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The second part implies the transfer of legal addresses of Russia's largest holdings to Russian jurisdiction, and the third foresees the creation of a Russian depository to place Eurobonds. Finally, the fourth part is to start licensing all participants of the stock market in a way that would allow them to work under the same rules.