US SANCTIONS
Russian miners eye rouble payments to limit the impact of US sanctions
Norilsk Nickel and Alrosa are in talks with foreign customers about doing business using the Russian currency
Moscow — Two of Russia’s biggest mining companies are investigating payment schemes based on the rouble, amid calls from Moscow to reduce the role of the dollar in Russian trade and so limit the impact of US sanctions. Russia favours trade with all countries in their national currencies, rather than the dollar, but the idea needed detailed work before being implemented, the Kremlin said. Russia’s Norilsk Nickel, the world’s top palladium producer, said on Wednesday it was discussing the possibility of settling payments in roubles with foreign customers that had signalled their readiness for such an arrangement. Russian miner Alrosa, the world’s largest producer of rough diamonds in carat terms, also said on Wednesday it was testing a mechanism to settle payments in Russia’s currency. "By way of an experiment, such deals were completed with clients in China and India," the company said. "Should the need arise, the company is ready to implement this rouble-based payments scheme in fut...
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