(VOVworld) - Russia will increase foreign trade transactions in its currency, ruble, once the US imposes economic sanctions on Russia over the crisis in Ukraine. Russian Economic Development Minister Aleksey Uliukaev made the remarks on national television on Wednesday, saying that the sanctions, if any, would remain the sole US sanctions, adding that the selection of the domestic currency in transaction would protect both sides of the contracts against any sanctions, especially in the area of energy exports, including oil and gas.
Russian President Vladimir Putin. Photo: internet
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Earlier, Russian Deputy Prime Minister Arkadi Dvorkovych announced that Russia plans to build an economic policy targeting reducing exposure to political risks.
Currently, both the EU and the US are threatening to impose economic sanctions on Russia over the situation in the Ukraine. But the Russian-US two way trade turnover accounts for very little in the Russian economy, reaching only 30 billion USD last year, and Russia has never considered the US its main economic partner.