Ministry says regulatory stimuli include no ban on use of dollars

MOSCOW, Jun 7 (PRIME) -- The regulatory measures aimed at encouraging the transition to the ruble and national currencies of other countries from the U.S. dollar in international settlements cannot include any prohibitions of the use of the dollar, Russia’s Finance Ministry said in a statement on Monday.

The ministry said that the transition “is happening naturally” as “the difficulties in settlements due to the sanctions have already caused a gradual switch to other currencies, which is confirmed by statistics for the last five years.”

“The Finance Ministry is supporting such transition including by creating corresponding regulatory stimuli. Naturally, such stimuli cannot include any prohibitions, only economic methods,” the ministry said.

Finance Minister Anton Siluanov said last week that the ministry would change the structure of the National Wealth Fund in a month by cutting the share of U.S. dollars to zero from 35% and expanding the share of other currencies and gold.

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