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EghtesadOnline: Russian Energy Minister Alexander Novak said the country is considering an option of making oil payments in national currencies, particularly with Turkey and Iran.

According to Novak, both countries are interested but there is also a matter of conversion of currencies and their further use. “There is a common understanding that we need to move toward the use of national currencies in our settlements. There is a need for this, as well as the wish of the parties,” Novak quoted as saying by RT. “This concerns both Turkey and Iran. We are considering an option of payment in national currencies with them. This requires certain adjustments in the financial, economic and banking sectors.” Last year, the central banks of Iran and Turkey signed an agreement on using local currencies in trade. The countries aimed to improve economic links and ease bilateral trade, apart from getting rid of the US dollar and the euro, Financial Tribune reported.


Alexander Novak Iran oil US dollar Russia oil trade