Herman Gref: Use of national currencies in settlements between Russia and Azerbaijan may be possible within 5 years - EXCLUSIVE

Use of national currencies in settlements between Russia and Azerbaijan may be possible within 5 years, head of Russian Sberbank Herman Gref told Report’s Russia bureau in his interview.

"I think this is a right step. However, it needs relevant infrastructure. The matter is not about only payment system, the main point is insurance of currency risks, financial instruments market, which allows to insure these risks via market means. However, the target is right and we’ll participate in this process in the future. I think this will take 5 years," he said.

Currently, the mutual settlements on turnover between the two countries are carried out in national currencies.

According to the State Statistical Committee, share of settlements in national currency in export operations made up 0.23% ($16.6 million) in January-April 2019, in import operations – 0.11% ($4.9 million), while these figures respectively were 0.99% ($56.12 million) and $38,400 in January-April 2018.