Russia has plans to switch to using rubles with Uzbekistan in mutual trade

Uzbekistan and Russia may switch from US dollars to rubles in mutual trade. Russia’s Minister of Economic Development Maxim Reshetnikov said that President Vladimir Putin has given instructions on expanding the use of the ruble in mutual settlements with other countries.

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On November 16, the National Bank of Uzbekistan issued bonds in rubles, which were registered by the Bank of Russia. The total value of the bonds is 15 billion rubles.

According to the Minister, through the placement of securities on the Russian stock market, Uzbekistan will be able to attract funds in rubles and direct them to the import of Russian goods.

Several economists say that carrying out trade in rubles could increase the negative balance of foreign trade with Russia and Uzbekistan’s indebtedness before the RF.