Russia issues list of ‘friendly states’ allowed to trade on Forex market

The Russian government has issued a list of ‘friendly and neutral countries,’ which banks and brokers will be allowed to trade with on the Russian currency and derivatives market.

The document lists over 30 nations – both allies and countries with a neutral stance towards Russia – as well as those that have abstained from Western sanctions. The move will ease settlements in national currencies, contributing to a further reduction in the use of the US dollar in international trade.

We spoke to commodity and FX analyst Lukman Leong who says that the dominance of the US dollar could soon come to an end as more countries switch to their national currencies in international settlements.

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