FX.co ★ Russia and UAE to switch to payments in national currencies

The governments of Russia and the United Arab Emirates put forward a proposal to use national currencies - rubles and dirhams - in mutual settlements, Minister of Trade and Industry Denis Manturov said. However, he added that it will take some time to implement this. He provided an example of China where this scheme has worked out successfully. According to him, judging by the existing experience, representatives of banking systems of Russia and the UAE are likely to come to a common understanding.
In addition, UAE Foreign Minister Abdullah bin Zayed Al Nahyan highlighted that the parties will have to overcome some difficulties associated with the fact that the country’s currency is closely tied to the US dollar.
“But from the political point of view, I can definitely say that we stand for broad relations and cooperation,” the minister said.
Russia’s trade minister also said that the UAE has plans afoot to double the trade with Russia to $6 billion.