'Complete withdrawal from dollars and euros, their absence in the domestic market — it is both impossible and irrational,' Mikhail Zadornov wrote.
It's impossible for Russia to completely abandon use of the the dollar, a former Kremlin official wrote.Russia could be less reliant on the dollar if it creates a new infrastructure for exchange settlements.
"But whatever the pace of de-dollarization, we will not completely abandon trade settlements in 'hard' currencies — even for gas, Russia continues to receive in foreign currency," he wrote. "That is, complete withdrawal from dollars and euros, their absence in the domestic market — it is both impossible and irrational."
"Until 2022, turnover in the currency section of the Moscow Exchange was two to three times higher than now, and secondly, 80–90% of the market accounted for dollars and euros. Now a third is dollars, 10% is euros, a third is yuan, the rest are various currencies," he summarized.
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