Russia backs use of national currencies for bilateral trade: Kremlin

Turkish President Tayyip Erdogan said on Saturday Turkey was preparing to conduct trade through national currencies with China, Russia and Ukraine. (Photo: Reuters)

The Kremlin said on Monday that Russia favoured bilateral trade with all countries in their national currencies, rather than the dollar, but that the idea needed detailed work before being implemented.

Turkish President Tayyip Erdogan said on Saturday Turkey was preparing to conduct trade through national currencies with China, Russia and Ukraine.

Asked about Erdogan’s proposal, Kremlin spokesman Dmitry Peskov said Russia had been pushing for such an arrangement with all countries. He said the issue had been raised on more than one occasion during bilateral talks between Turkey and Russia.