Russia combats the "toxic" euro and dollar

The Central Bank advises businesses to switch from using dollars and euros to "friendly" denominations.

Russian enterprises and non-financial service providers have been urged to exchange their holdings of dollars and euros for "friendly" currencies like the Chinese yuan.

The suggestion was made in a document for open discussion that the regulator produced on Thursday and which was devoted to growing significant parts of the financial industry under sanctions.

The Central Bank stated that utilizing the US dollar and the euro carries risks for individuals and enterprises due to the blockage of Russian assets by hostile nations and practical limitations on settlements in the world's major reserve currencies.

The regulator stated that more steps would be made to curtail the use of digital currencies in banking.

Because of unprecedented Western sanctions, Russia's Finance Minister Anton Siluanov referred to the dollar and the euro as "toxic currencies" in May. Instead of joining the American, European, and British sanctions against the country, Moscow has opted to switch to trading in rubles and the currencies of so-called "friendly" countries.

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