Home Economy Bye, dollar! Russia and Ecuador consider making payments in rubles

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Bye, dollar! Russia and Ecuador consider making payments in rubles

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Bye, dollar! Russia and Ecuador consider making payments in rubles

economy

04:38 25.12.2019 (updated 04:45 25.12.2019) Short URL

Russia and Ecuador conduct bilateral diplomatic negotiations to use rubles in their trade transactions.

One of the possible options for bank transfers in rubles is to open a branch of a Russian state bank in Ecuador linked to the Russian Central Bank's financial messaging system, analogous to SWIFT.

Ecuador does not have its own national currency, so all kinds of transfers are made in US dollars. It is no secret that any dollar transfer is controlled by the US Federal Reserve system. For this reason, local banks are reluctant to make payments to Russia because of the risk of being subjected to secondary sanctions, said a source familiar with the talks to the Russian newspaper Izvestia.

According to the source, talks between the two countries are being held at diplomatic, governmental and business level.

Although both countries are still in the negotiation stage, several Russian state-owned banks have already considered this possibility, with one of them choosing to remain anonymous and expressing their interest in cooperating if both countries decide to switch to the ruble in your transactions.

(tagsToTranslate) Ecuador and Russia plan to make transfers in rubles (t) Ecuador and Russia will make transfers in rubles (t) Ecuador and Russia want to change transfer currencies

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