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News > Russia

31 Countries to Participate in the Russian Currency Market

  • Russian bank notes.

    Russian bank notes. | Photo: X/ @realpeacenotwar

Published 21 September 2023

Among them are Brazil, India, China, South Africa, Türkiye, Iran, Qatar, United Arab Emirates, Cuba and Venezuela.

On Thursday, Prime Minister Mikhail Mishustin signed a provision so that banks and brokers from 31 countries can participate in the Russian foreign exchange and financial derivatives markets.


Venezuela and Trinidad & Tobago to Cooperate in Hydrocarbons

The list includes seven countries of the former Soviet Union: Azerbaijan, Armenia, Belarus, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. It also includes Brazil, India, China, and South Africa, all of which are part of the BRICS group.

The Russian government provision also covers countries such as Serbia, Türkiye, Iran, Qatar, Pakistan, United Arab Emirates, Morocco, Malaysia, Cuba and Venezuela.

The decision is part of the rules adopted in July, which seek to increase the efficiency of the mechanism for direct conversion of currencies of friendly and neutral countries, as well as to enhance the formation of direct quotes of the ruble to satisfy the demand for settlements in national currency.

On Wednesday, Venezuela and Russia reaffirmed their strategic friendly relations with a view to building "a new world order." This happened during a meeting held between Foreign Ministers Yvan Gil and Sergei Lavrov, which took place within the framework of their participation in the United Nations General Assembly (UNGA).

Lavrov celebrated Venezuela's proactive role in regional affairs, its contribution to intensifying integration processes, and its promotion of rapprochement between Latin America and the Eurasian Economic Union (EEU).

The Bolivarian Foreign Minister also met with the Foreign Minister of Qatar Sheikh Mohammed bin Abdul Rahman Al Thani, with whom he also strengthened cooperation ties.

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