NEW YORK, May 20 (Bernama-Sputnik/RIA Novosti) — Russian Deputy Foreign Minister Alexander Pankin told RIA Novosti in an interview that the ongoing trend of de-dollarisation is irreversible, noting that only its scale may change.
“The process is irreversible, but the speed of this process and its scale are subject to the influence of completely different factors and may be non-linear,” Pankin told the agency while commenting on de-dollarisation.
The Russian Deputy Foreign Minister emphasised that the role of the dollar, although still significant for now, is steadily declining, while settlements in national currencies between countries are increasing.
“There is progressive dynamics, and the speed is determined by a combination of various factors,” he concluded.
In November, Russian Finance Minister Anton Siluanov noted that Russia and China have almost completely switched to settlements in national currencies, with 99.1 per cent of transactions occurring in yuan and rubles.
–BERNAMA-SPUTNIK/RIA NOVOSTI