Russia to move away from US dollar amid sanctions, Xinhua says

Russia is seeking to move away from the U.S. dollar and rely less on imports while strengthening its independence in key technologies in response to sanctions over the war with Ukraine, Chinese state media reported, citing Foreign Minister Sergei Lavrov.

“We will continue to push and strengthen special economic programs to ensure the stability of the Russian economy,” Lavrov was quoted as saying in a written interview with the Xinhua news agency, without elaborating.

Russia’s central bank said earlier this month it found no clear alternatives to the world’s major reserve currencies after sanctions left it in possession of only yuan and gold.

Meanwhile, negotiations between Russia and Ukraine are taking place daily via video conferences, as delegations of the two countries work toward a draft of possible agreements, Lavrov said, adding that Chinese diplomats are briefed on the discussions. 

“We are in favor of continuing the negotiations, although progress hasn’t been easy,” Xinhua quoted him as saying.