President of Russian Federation Vladimir Putin instructed to ban US dollar usage in the domestic oil trade. It was announced by the President at the Fuel & Energy Complex Development Commission as TASS reported.
Putin underlined that such “payments in foreign currency are forbidden by law, but in reality rates for shipment of oil products and crude oil in the Russian ports of Novorossiisk, Taman, Ust-Luga, Kozmino, Primorsk and others are either directly priced in US dollars, or denominated in US dollars in online trading systems”. “I don’t understand what are the regulatory authorities doing,” said the President.
Putin stressed that it is necessary to increase the role of ruble in transactions with other countries including oil and gas trading.
