Russia Eyes Carrots and Sticks in Push to Ditch Dollar for Euro
- Finance Ministry says it opposes prohibitions on using dollars
- Kremlin efforts to reduce dollar dependence have moved slowly
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Russia will rely on economic stimuli to encourage a shift away from dollars as a way to reduce exposure to U.S. sanctions, but isn’t considering any restrictions on companies’ use of the greenback, the Finance Ministry said Monday.
“The Ministry of Finance of Russia supports this transition, including creating appropriate regulatory incentives,” it said in a statement Monday. “Naturally, such incentives can’t include any prohibitions, only economic methods.”