Russia Challenges the Dollar by Adopting National Currencies

Russian Deputy Prime Minister Alexander Novak stated that Russia will transition to using national currencies when paying for energy resources and intends to eventually abandon the euro and dollar in favor of the yuan and ruble. He added in a television interview: "The trend has changed significantly in terms of reducing the use of the dollar or euro, due to the current issues related to settlements using these two currencies in our accounts." Novak continued: "The Chinese side pays for gas in yuan, and also partially for oil, and payments are also made in rubles." He mentioned that "it is necessary to create settlement mechanisms, which can only be done with national currencies."