Another US ally drops the dollar in a move towards Russia

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Turkey ready to settle deals with Russia in local currencies – economy minister

Turkey’s Ministry of Economy is to consider using local currency, either the Russian ruble or Turkish lira, in major investment projects with Moscow.

“We would like payments in rubles and lira to be introduced at least for the larger investment projects in Russia and Turkey,” Turkey’s Deputy Economy Minister Adnan Yyldyrm, said at a joint Russian-Turkish business council meeting, TASS reported.

Yyldyrm said Turkey is now waiting for Russia to take reciprocal steps to set up a platform for settlements in rubles and lira. The countries are discussing allowing Russian tourists in Turkey to use rubles, according to Russia’s Chamber of Commerce and Industry (RCCI), Georgy Petrov.

Trade between Russia and Turkey reached $32.7 billion in 2014, making Turkey Russia’s eighth largest trading partner, while Russia is Turkey’s second largest trading partner, after the European Union.

In February, Russia’s Sberbank and its Turkish subsidiary Denizbank announced plan to settle payments in national currencies.

Banknotes aside, Moscow and Ankara have been growing closer on a plethora of issues, from a new gas pipeline deal, to Turkey possibly joining the Russia-led Eurasian Economic Union……More Here

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