-Russia opts to use other currencies than in international trade
Russia is closely following Turkish President Recep Tayyip Erdogan's proposal to use 'national currency' in international trade.
“Russia is and will decrease the use of U.S. dollars,” Russian First Deputy Prime Minister and Finance Minister Anton Siluanov said in an interview with Russian television channel Rossiya 1 on Sunday.
Drawing attention to Russia’s decline in U.S. investments, Siluanov said, 'We will continue to reduce our investments in U.S. assets significantly. We will increase the use of currencies such as the euro and the Chinese yuan instead of the dollar. The U.S. dollar has become a dangerous instrument in international trade.'
Furthermore, Siluanov said they are not planning to place any sanctions against American companies in Russia “because these companies employ Russian citizens. However, in oil trading, we are considering the possibility of using other currencies than U.S. dollars.”
Russian President Vladimir Putin criticized the U.S. for using the dollar as a political instrument and said, 'We consider U.S. steps to limit the use of the dollar as a strategic mistake.'
Turkey to break tourism record
Culture and Tourism Minister Mehmet Ersoy announced that a record number of tourists would visit Turkey this year.
With the 40 percent increase in the number of Russian tourists visiting Turkey for the first six months of the year, Ersoy said, 'We expect this trend to continue.”
The number of expected tourists up to the end of the season is six million, which would be a new record high, he said.
He added that they are working to attracting and catering to more high net worth tourists.
Russia focuses on U.S. sanctions
The potential imposition of new U.S. sanctions on Russia will keep Russian markets busy this week, as the Russian ruble depreciates in value against the dollar to two-year lows.