Russia preparing waiver plan for U.S. dollar – media

The government of the Russian Federation is preparing a project on the dedollarization of the Russian economy, i.e. a waiver plan for the U.S. dollar.

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Russian Prime Minister Dmitry Medvedev has to approve it in one or two weeks, according to The Bell, referring to its three sources familiar with the course of discussions.

It is noted the relevant bill is being prepared "based on" the plan of the head of VTB bank, Andrei Kostin, who submitted it to Russian President Vladimir Putin in July.

Presenting his plan to Putin, Kostin spoke of the need for measures aimed at expanding the use of the ruble in international payments, asking him to support them. The head of VTB bank said the president had generally supported his proposal on dedollarization of the Russian economy.

It's not about a complete rejection of the dollar, Kostin said. In his opinion, it will take at least five years to gradually implement dedollarization.

The plan of the Russian government does not provide for any restrictive or prohibitive measures. "There will be no ban on payments in dollars," one of the sources told The Bell.

As reported, the main emphasis will be placed on creating opportunities for payments in national currencies, easing currency control, and liberalizing currency legislation.

As UNIAN reported earlier, Russia's national currency, the ruble, began plunging in September, while the dollar peaked in 2.5 years. At the opening of trade on the Moscow Stock Exchange on September 10, the dollar exchange rate exceeded RUB 70 to the dollar, which had not happened since March 16, 2016.