Russia, UAE considering payments in national currencies

Russia and the United Arab Emirates (UAE) are considering making payments in their national currencies, Industry and Trade Minister Denis Manturov and UAE's Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan told journalists after a meeting.

Russia and the United Arab Emirates (UAE) are considering making payments in their national currencies, Industry and Trade Minister Denis Manturov and UAE's Minister of Foreign Affairs Sheikh Abdullah bin Zayed Al Nahyan told journalists after a meeting.

"This question was raised today for practically the first time ever, so it requires further review by specialists of both countries. But it has been added to the agenda and is being analyzed," Manturov said.

Nahyan said the question of payments in national currencies was complex since the UAE's currency, the dirham, is very closely connected with the dollar. "This creates added difficulties, but there are ways these difficulties can be overcome. From a political standpoint, the UAE is set on full cooperation with Russia. If there is the political will, then the technical difficulties can be overcome," he said.

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