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Updated 04:18 24/02/20

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Russian Lawmakers call on oil and gas producers to ditch the dollar

Duncan Richardson, News Editor
7 Apr 2014, 10:21 a.m.

A group of lower house members of the Russian Parliament are urging the country’s largest oil and gas producers to stop using the U.S. dollar.

Mikhail Degtyaryov, a member of the Conservative national party told local news agency, Izvestia daily, “We should act paradoxically when we deal with the West. We will sell rubles to consumers of our oil and gas, and later we will exchange rubles for gold.”

On Wednesday, Andrey Kostin, head of state-owned bank VTB, also called for Russia to start making international payments in rubles and not dollars. Kostin also believes this transition should start immediately and be led by the countries major gas and oil producers.

Many producers are still bound to conduct trade in dollars therefore, an immediate switch would be difficult to implement.

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