01:31Russia: State development corporation VEB.RF switches exclusively to rubles
VEB.RF have switched to operating in rubles and stopped conducting operations in dollars and euros, as reported by the Chairman of the State Development Cooperation VEB.RF Igor Shuvalov at a meeting with Russian President Vladimir Putin in Moscow on Tuesday.
"It is no secret that clients are often afraid of secondary sanctions. We have managed to solve this problem by using the information delivery mechanisms provided to us by the Central Bank. We often serviced in dollars and euros, especially where it was an export-import operation. We have switched to operating exclusively in rubles. We also use other currencies, [of] friendly countries, but we do not use euro or dollar transactions at the moment anymore," Shuvalov said.
The head of VEB.RF also noted that the state corporation was promoting this system even before the sanctions, guided by the principles of partnership in the SCO (Shanghai Cooperation Organisation) interbank association.
"Some banks, including [banks] of the countries that are the Eurasian Economic Community’s members, have adopted this system," Shuvalov added.
Earlier, the Bank of Russia announced that it would help in speeding up the process of devaluation in the country by applying additional measures to reduce the number of banks' operations in 'toxic' currencies.
01:31VEB.RF have switched to operating in rubles and stopped conducting operations in dollars and euros, as reported by the Chairman of the State Development Cooperation VEB.RF Igor Shuvalov at a meeting with Russian President Vladimir Putin in Moscow on Tuesday.
"It is no secret that clients are often afraid of secondary sanctions. We have managed to solve this problem by using the information delivery mechanisms provided to us by the Central Bank. We often serviced in dollars and euros, especially where it was an export-import operation. We have switched to operating exclusively in rubles. We also use other currencies, [of] friendly countries, but we do not use euro or dollar transactions at the moment anymore," Shuvalov said.
The head of VEB.RF also noted that the state corporation was promoting this system even before the sanctions, guided by the principles of partnership in the SCO (Shanghai Cooperation Organisation) interbank association.
"Some banks, including [banks] of the countries that are the Eurasian Economic Community’s members, have adopted this system," Shuvalov added.
Earlier, the Bank of Russia announced that it would help in speeding up the process of devaluation in the country by applying additional measures to reduce the number of banks' operations in 'toxic' currencies.