FILE PHOTO: Russian rouble and the U.S. dollar bank notes are seen in this illustration picture taken in Moscow, September 30, 2014. REUTERS/Maxim Zmeyev
Russian Economy Minister Maxim Oreshkin said the country is considering alternatives to the U.S. dollar for energy transactions and is exploring currency settlements in euros and rubles for energy exports to minimize U.S. exposure.
“We have a very good currency, it’s stable. Why not use it for global transactions?” Oreshkin said in an interview with the Financial Times.
Oreshkin said that Russia will be able to sell its energy exports in local currency given the popularity of the country’s domestic bonds among foreign investors, who own 29% of its ruble debt.
Russia has attempted to reduce its exposure to the U.S. through a “de-dollarization” policy to offset the impact of U.S. sanctions. Despite less than 5% of Russia's $687.5 billion in annual trade being with the US, it remains that over half of that trade still relies on the dollar, according to Bloomberg figures.