Russian Deputy Prime Minister Alexander Novak has said that Russia will now switch to national currencies in energy trade.

According to the official, most transactions are already made in these currencies, mostly in Chinese yuan and Russian rubles, and in the future Moscow intends to abandon the euro and dollar in energy exports altogether.

“The trends have changed greatly toward reducing the use of dollars and euros. Considering the current problems with these currencies, in our settlements we are switching almost exclusively to national currencies,” he said, referring to economic restrictions placed on Russia by Western states due to the Ukraine conflict, which have effectively made it impossible for Russia to conduct transactions in euros and dollars.

“Our partners in China are already paying for gas in yuan, as well as partly for oil. They also pay in rubles. We will continue to improve these mutual settlements in national currencies,” Novak pledged.

Earlier many contries from Asia, Middle east and Latin america including Bricks nation has agreed upon De-dollarisation.