Alwaght- President Vladimir Putin has reiterated Russia’s resolve to reduce dependence on the US dollar in oil trade while urging more use of the national currency, the ruble.
Addressing oil executives and government officials in the Kremlin, Putin renewed the call, saying national currencies should be widely used in operations with the countries with which Russia is actively trading.
"A serious consideration of the complex issue of enhancing the ruble's role in settlements, including in the energy sector, should be started," Reuters quoted him as saying.
Apart from using the ruble, Russia is also proposing use of other currencies such as the Chinese Yuan in oil trade.
Moscow’s plans to cut transactions in the dollar have found added momentum in the wake of Western sanctions which restrict Russia’s access to international capital.
In September, Putin proposed a bill to the country’s legislature to eliminate the dollar and the euro from trade between member states of the Commonwealth of Independent States (CIS).
In April this year, bank officials in Tehran said that a mechanism to transfer money to the country’s banks from Russia is now on stream.
Gholam-Reza Panahi, the deputy governor for currency affairs of Bank Melli of Iran (BMI), said the mechanism enables Iranian exporters to transfer payments in rubles from their Russian clients to Iran through the Moscow-based Mir Business Bank.
He said Iranian exporters can even choose the same bank for opening letters of credit.
Both countries have been subject to a series of illegal and draconian US-engineered sanctions.
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In Focus
Ansarullah
A Zaidi Shiite movement operating in Yemen. It seeks to establish a democratic government in Yemen.
Shiite
represents the second largest denomination of Islam. Shiites believe Ali (peace be upon him) to be prophet"s successor in the Caliphate.
Resistance
Axis of Resistances refers to countries and movements with common political goal, i.e., resisting against Zionist regime, America and other western powers. Iran, Syria, Hezbollah in Lebanon, and Hamas in Palestine are considered as the Axis of Resistance.
Persian Gulf Cooperation Council
A regional political u n i o n consisting of Arab states of the Persian Gulf, except for Iraq.
Taliban
Taliban is a Sunni fundamentalist movement in Afghanistan. It was founded by Mohammed Omar in 1994.
Wahhabism & Extremism
Wahhabism is an extremist pseudo-Sunni movement, which labels non-Wahhabi Muslims as apostates thus paving the way for their bloodshed.
Kurds
Kurds are an ethnic group in the Middle East, mostly inhabiting a region, which spans adjacent parts of Iran, Iraq, Syria, and Turkey. They are an Iranian people and speak the Kurdish languages, which form a subgroup of the Northwestern Iranian branch of Iranian languages.
NATO
The North Atlantic Treaty Organization is an intergovernmental military alliance based on the North Atlantic Treaty which was signed on 4 April 1949.
Islamic Awakening
Refers to a revival of the Islam throughout the world, that began in 1979 by Iranian Revolution that established an Islamic republic.
Al-Qaeda
A militant Sunni organization founded by Osama bin Laden at some point between 1988 and 1989
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