Russia and Turkey plan to abandon the US dollar in bilateral trade

The governments of Russia and Turkey signed an agreement on payments in national currencies (rubble and lira), reports the Russian Finance Ministry.

The purpose of the agreement is to increase the attractiveness of national currencies for Turkish and Russian companies, create an appropriate infrastructure of the financial market and gradually move to the use of the Russian ruble and the Turkish lira in payments between the parties.

The intergovernmental agreement provides for the expansion of the infrastructure for receiving credit cards of the Russian payment system Mir  in Turkey, as well as the connection of Turkish banks and companies to the Transfer of Financial Messages (SPFS) of the National Bank of Russia. The Russian Finance Ministry calls it the Russian analog of the SWIFT international interbank system that is used for the transfer of information and payment. Moscow and Ankara hope that in the future, other countries may connect to the national systems of Transfer of Financial Messages.

  Russia, Turkey, SWIFT