Support The Moscow Times!

President Says He's a Ruble Fan

ST. PETERSBURG -- The use of the euro in trade relations between Russia and the European Union is set to increase in the coming years, President Vladimir Putin said Saturday winding up a Russia-EU summit.

"The European Union is our major trade and economic partner, and as the EU expands we will overcome difficulties in our economic relations, our turnover will increase," Putin said.

Fifty percent of Russian exports now go to Europe, compared with 8 percent to the United States.

European imports have also risen sharply.

Asked by a journalist what currency he preferred, the dollar or the euro, Putin quipped: "The ruble."

He noted that when he became president three years ago, Russia's gold and foreign currency reserves stood at $11 billion, and that now they are at "more than $61 billion and rising."

The Central Bank "has decided to keep some of the gold and currency reserves in euros," he said.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more