Head of Russia’s Alfa Bank sees no alternative to U.S. dollar

The Chairman of the Board of Directors of Alfa-Bank Group, Petr Aven, does not see an alternative to the U.S. dollar in case Russia completely moves away from using the US dollar for international trade.  

“Today, I see no alternative in the global trade. It would be very inefficient and entail huge costs. If banks are cut off from the U.S. dollar, what should they do? Kostin (the head of VTB Bank Andrey Kostin) suggested the use of the Russian rubles. This is a bad decision for everyone. I definitely would not prohibit anything, “said Aven, during his Corporate Governance and Project Management department public lecture series for students of MGIMO University of the Ministry of Foreign Affairs of Russia. Aven said that he hopes that this would not happen.

Earlier, Russian First Deputy Prime Minister and Finance Minister Anton Siluanov announced that the de-dollarization plan of the Russian economy has been prepared and submitted to the government. The document contains tax preferences for international trade members, who use Russian ruble transactions, in particular, an accelerated VAT returns for exporters.

  Russia, VTB Bank, Kostin, Putin, ruble