According to the Voice of Russia, a meeting was held on 24th of April by the Russian government to discuss ways of reducing the use of the U.S dollar.

The news agency confirmed the Russian Ministry of Finance is ready to implement a strategy which will increase the role of the Russian ruble in conducting international trade at the expense of the U.S dollar.

Sources close to the government confirmed that the Russian banking system is ready to handle an increased number of ruble-denominated transactions.

As a response to the Ukrainian crisis Russia has been developing a number of bilateral trade arrangements to bypass U.S. sanctions and limit the amount of energy trade deals settled in U.S. dollars.