Mutual transactions in national currencies have quadrupled in 2023, VTB bank executive says
Trade settlements in national currencies between Russia and Vietnam have skyrocketed this year, Olga Basha, VTB’s head of international settlements, told RIA Novosti ahead of the investment forum Russia Calling 2023.
Basha noted that settlements conducted in ruble and dong between the two countries have quadrupled.
“In Vietnam, we are market makers with all the payments for the ruble-dong pair going through our joint bank,” the executive at Russia’s second-biggest lender said.
According to Basha, the Russian bank recorded an exponential growth in transactions settled in national currencies passing through VTB’s infrastructure within the subsidiaries and branches abroad. She added that the bank also works in India and China and operates a chain of banks across the Commonwealth of Independent States.
https://www.rt.com/business/588528-russia-vietnam-non-dollar-trade/
The US is using the dollar to unleash trade wars worldwide, while international economic cooperation is also being weaponized, Russian Foreign Minister Sergey Lavrov said on Monday.
The US and its allies in the EU are using a wide range of “geopolitical engineering” tools, which include, among other things, “unleashing trade and economic wars,” Lavrov told the Primakov Readings International Forum.
“The activities of the World Trade Organization, primarily for settling disputes, have been blocked by Western countries. Such fundamental legal foundations of world economic relations as free competition and the immunity of property have been destroyed,” the Russian diplomat noted.
https://www.rt.com/business/588065-us-weaponizing-dollar-lavrov/