Moscow ready to start testing payments in digital currencies

Moscow is ready to start testing payments in digital currencies with China or countries of the Eurasian Economic Union, Russia's finance ministry said.

News ID: ۸۲۸۳۵۵

03 March 2024

EghtesadOnline: Russia's finance ministry has been discussing with its Chinese counterparts the possibility of taking out loans in yuan, but there has been no decision yet, Russian Finance Minister Anton Siluanov told state media in remarks published on Monday.

"Negotiations with Chinese partners have been going on for a long time. So far there is no decision," Siluanov told the RIA news agency.

"We discussed this topic at the end of last year at the inter-ministerial dialogue."

Siluanov added Moscow is ready to start testing payments in digital currencies with China or countries of the Eurasian Economic Union and will promote the idea with its partners.

He reiterated Russia's position that any actions with Russian assets abroad will receive a symmetrical response in Moscow.

The European Union and the Group of Seven nations (G7) froze some 300 billion euros ($323 billion) of Russian central bank assets following Moscow's invasion of Ukraine in 2022. The EU and G7 have been debating if and how these funds can be used for over a year.

"We are following the decisions of Western countries: we have frozen no less (than they have)," Siluanov said.

Siluanov said Russia's budget is "under control" with revenues coming in slightly higher than expected this year. Spending has been slower than last year's pace, following stricter controls over advance payments and spending justification, he added. / Mehr