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Russia negotiates trade de-dollarization with Latin America

St. Petersburg, Russia, Jun 5 (Prensa Latina) Russia is holding talks on the de-dollarization of trade relations with Cuba, Nicaragua, Venezuela, and BRICS members, Alexander Shchetinin, director for Latin America department at the Foreign Ministry, said on Wednesday.

There are many negotiations with many countries, they are developed in the context of the BRICS meeting, and there are ideas to introduce alternative payment platforms, the diplomat told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF). Shchetinin added that consultations are also being held with other countries, such as Cuba, Nicaragua, and Venezuela, with which Russia has “normal trade and economic relations.”

The diplomat noted that Moscow can also use national currencies to de-dollarize trade with Latin America and that progress is being made in this area. Although the forms may be different, the priority is to develop cooperation.

The 27th edition of SPIEF is being held from June 5 to 8, with representatives from 136 countries. The theme of the forum is “The Foundations of a Multipolar World. The Formation of New Areas of Growth.”

SPIEF is a unique event for dialogue and business ties. It has been held since 1997, and The president of the Russian Federation has sponsored this event since 2006.