Russia proposes deal with Turkey to ditch US dollar for lira-ruble trade amid currency crisisMoscow is still interested in trading with Ankara using the Russian ruble and Turkish lira, according to the Kremlin. Both currencies have been falling against the greenback, with lira setting new record lows every day.
“The issue of using national currencies in bilateral trade operations is a topic that has been raised by the Russian side for a long time and consistently at various levels, including at the top level,” said Kremlin spokesman Dmitry Peskov.
“This is what we are striving for in our bilateral trade and economic relations, and what has been repeatedly mentioned at the bilateral Russian-Turkish talks,” he added.
The lira plummeted to a record low of 7.20 against the dollar before strengthening to 6.16 on Wednesday amid mounting pressure from new US sanctions. Washington began to apply economic pressure on Ankara after the detention of American pastor Andrew Brunson in Turkey. Brunson is accused of aiding the failed military coup in 2016. He is facing 35 years in a Turkish prison.
The US also introduced new sanctions against Russia last week over the poisoning of double-agent Sergei Skripal. Washington has refused to provide any proof to support allegations of Moscow’s responsibility for the incident. The Russian ruble fell to its lowest level since 2016 against the dollar following the news….
Turkey favors switching from dollars to national currencies in trade with Russia & ChinaAnkara has given a green light to Moscow’s proposal to switch to ruble-lira trade between the countries. Turkey also has similar plans for trade with China and other countries.
“We are discussing the transition to national currencies not only with Russia and China, but also with other countries. It is not just Turkey’s request. In other countries, there has been reaction to US attacks,” said Turkish presidential spokesman Ibrahim Kalin.
“Many countries oppose the pressure of the US dollar as a means of political and economic coercion, and we see that the demand for payments in national currencies between different countries is increasing,” he added.
Both Russia and Turkey’s currencies have been exposed to the US sanctions pressure. They both lost half of their value against the greenback since 2014 and 2018, respectively, despite relatively strong economic performance….
The Ukraine coup example: