The head of the largest Russian bank: The role of the dollar in the Russian economy will decrease in favor of the ruble and yuan

German Gref, head of Sberbank, head of Russia’s largest bank, said that China will inevitably become a major partner of Russia, and the dollar’s influence on the Russian economy will decline in favor of the ruble and yuan.

The announcement came during a video exchange with a bank official at the Al-Sharq economic forum currently taking place in the Russian city of Flovostok.

He noted that Europe has lost its position as Russia’s largest traditional trading partner. “The Russian economy is export-oriented, so the obvious and natural consequence of this situation is that China will certainly become Russia’s largest partner,” Gref said.

He noted that Russia’s dependence on the largest trading partners in the East, primarily China, will grow. “I’ll call it the development of cooperation,” – said the banker.

He emphasized that the role of the dollar in the Russian economy will decline in favor of the ruble and the yuan, and said: “I do not think that Russia will return to the previous state of the influence of the dollar on the Russian economy, many major currencies will be replaced first of all by the yuan.”

This week, the city of Vladivostok in the Russian Far East will host events and events from the Eastern Economic Forum amid strong international participation, especially from Asian countries.

The event gathers more than 4000 participants. The forum is an effective platform for the exchange of views and experience between politicians, officials and representatives of the business sector from around the world.

Source: RIA Novosti

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