Russia and Turkey deal a severe blow to the US dollar!

The Russian Finance Ministry announced Tuesday that it had signed an agreement with the Turkish Treasury and Finance Ministry on settlement and payments in national currencies.

“An agreement has been signed between Russia and Turkey on accounts and payments, with the aim of expanding and strengthening inter-bank cooperation as well as ensuring uninterrupted payments between business entities in Russia and Turkey”, the Russian Finance Ministry said in a statement.

“The signing of the agreement is an important step to further expand and develop mutually beneficial trade and economic cooperation between Russia and Turkey”, the statement said.

On the Russian side, the agreement was signed by the First Deputy Prime Minister, Russian Minister of Finance Anton Siluanov, and on the Turkish side by the Minister of Treasury and Finance, Berat Albayrak.

The ministry said that the main objective of the document is to increase and gradually shift to the use of national currencies (ruble and lira) in the settlements between the two countries, and to establish the appropriate infrastructure for the financial market and increase the attractiveness of the national currency of companies to increase the level of liquidity, and Russian and Turkish issuers will develop tools to issue debt securities In the two markets.