PRESS: VEB CEO presents plan to withdraw from US dollars

MOSCOW, Sep 14 (PRIME) -- CEO of VTB Bank Andrei Kostin has presented a plan to withdraw from U.S. dollars, he said in an interview with Izvestiya daily released on Friday.

“The first thing is an accelerated switch to settlements in national currencies for export and import operations with other states, they can be in euros, yuan or rubles,” he said.

The legal addresses of Russia’s biggest companies should be moved under domestic jurisdiction, a Russia-based depositary for Eurobonds should be set up, and a single set of rules should be created for all participants of the local stock market, Kostin added.

“There are several minor issues. Something can be done faster, and something will take long, but it should be done,” he said.

Kostin said earlier in September that it may take years to switch to settlements in currencies other than the U.S. dollar, but the work should be done to mitigate risks of pressure by the U.S. administration.

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