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The Japan Bank for International Cooperationsenion's senior managing director has said that the establishment is turning to Ruble-Yen swaps, as using the US dollar in transactions is difficult because of the Western anti-Russia sanctions.
VLADIVOSTOK
(Sputnik) – Japan Bank for International Cooperation (JBIC) is turning
to currency swaps as using the US dollar in transactions is difficult
because of the Western anti-Russia sanctions, the bank’s senior managing
director said answering a question from Sputnik.
"We’re now studying that [the effects of ruble
devaluation]. We need some of the swap arrangements with the local
banks. We are elaborating opportunities with Russian banks such
as Gazprombank, VTB, VEB… Because of the US sanctions, we cannot use the
US dollar anymore, we have to switch to other currencies," Tadashi
Maeda said on Thursday, speaking after a conference at the Eastern
Economic Forum (EEF) in the Russian city of Vladivostok.
Commenting on the usage of the ruble in swaps, he noted that its
interest rate is very high at the moment and this could "hinder" the
swaps.
"We’re now studying that [the effects of ruble
devaluation]. We need some of the swap arrangements with the local
banks. We are elaborating opportunities with Russian banks such
as Gazprombank, VTB, VEB… Because of the US sanctions, we cannot use the
US dollar anymore, we have to switch to other currencies," Tadashi
Maeda said on Thursday, speaking after a conference at the Eastern
Economic Forum (EEF) in the Russian city of Vladivostok.