Russia and Bolivia Use Their Currencies for International Trade

This week, Russian and Bolivian companies began to carry out international commercial transactions using the ruble and the Bolivian instead of the U.S. dollar.

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"Financial operations can now be carried out using national currencies, which means a blow to the hegemony of the dollar," said Mikhail Ledenyov, the Russian ambassador to Bolivia.

This modality of international trade is possible thanks to agreements that monetary authorities reached after holding several virtual meetings in 2022.

“As a result, direct correspondent accounts in rubles and Bolivianos were opened between Gazprombank and Union, the largest Bolivian state-owned bank,” Lendenyov said, adding that this facilitates the work of Russian companies in the Andean market.

The diplomat also mentioned that Bolivian companies are interested in exporting tropical fruits, soybeans, wine, alcoholic beverages, coffee, lithium, tin, gold and silver to Russia.

To achieve this goal, they are intensifying consultations with the embassy to establish direct contacts with Russian companies.

"I hope that Bolivians will present their proposals at the next meeting of the Russia-Bolivia Intergovernmental Commission, which is scheduled to take place this year," Ledenyov said, adding that both countries are interested in increasing health cooperation.

“Bolivia has areas where it is difficult to build and manage a stationary hospital. However, mobile diagnostic methods can be used, with different technologies and special vehicles. This project is under negotiation,” the Russian diplomat pointed out.