In the state Duma commented on the plan Kostina for the abandonment of the dollar

© RIA Novosti / Alexei Sharecompat in fotoracconti nominal value of one ruble banknote in one U.S. dollar.In the state Duma commented on the plan Kostina for the abandonment of the dollar© RIA Novosti / Alexey sharecompat to the photobank

Plan of de-dollarization, proposed by the head of VTB Andrey Kostin, aimed at the independence of the Russian banking system and relevant in terms of tightening sanctions, it can be implemented within three to five years, said RIA Novosti Chairman of the Duma Committee on financial market Anatoly Aksakov.

Kostin in an interview to the newspaper «Izvestia» presented a plan for the abandonment of the dollar, which includes a number of areas. The first is the rapid transition in calculations with foreign countries on export-import transactions in other currencies, including the Euro, the yuan or ruble. The second point the head of the Bank called address translation the largest holdings of the Russian Federation in the Russian jurisdiction. The third direction is the creation of the Russian Depository for Eurobonds. The fourth point is to conduct the licensing of all stock market participants so that they were all working by the same rules.

«I think that’s sensible suggestions, they did not rescue the banking system sent, and to implement measures that will make it independent of our financial system from external influences. Need to ratify the financial processes, to make them independent of external decisions. Inertia is large, everyone understands that payments in dollars for our export goods is the risk, including for exporters,» — said Aksakov.

In his opinion, the rejection of the dollar in the current conditions will go faster, and within three to five years the situation will unfold. «Moreover, we do not expect that sanctions will soon be lifted, they are likely to be only be increased,» — said Aksakov.

The EU Council extended on Thursday the individual sanctions against individuals and organizations of Russia in connection with «undermining the territorial integrity of Ukraine» for another six months, until 15 March 2019. A US President Donald trump on Wednesday signed a decree imposing sanctions against foreign individuals and organizations which intelligence agencies will suspect meddling in the elections by «cyber-attacks or otherwise», spreading propaganda and misinformation. These sanctions include the freezing of assets, restrictions on exports and imports, the ban on the receipt of investments from US citizens.

In the state Duma commented on the plan Kostina for the abandonment of the dollar© Infografiken sanctions against Russia and retaliatory measures