October 5, 2018 / 4:18 AM / 2 months ago

Russia unlikely to drop dollars in international deals - VTB head

NEW DELHI, Oct 5 (Reuters) - Russia could expand the use of roubles for international settlements but it was unlikely to ban U.S. dollars, Andrei Kostin, chief executive of Kremlin-owned Bank VTB told reporters in New Delhi.

“Wider usage of the rouble... gives more business to the Russian banks, improves competitiveness,” Kostin said.

“It is impossible to ditch the U.S. dollar, this is utopia... no one will ban the dollars in Russia and restrict them.”

He said that five years ago, the share of rouble in Russia’s settlements with India was at 3 percent which has now grown to 20 percent.

Russian President Vladimir Putin is in New Delhi for summit talks to advance ties. (Reporting by Vladimir Slodatkin; Writing by Swati Bhat; Editing by Sanjeev Miglani)

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