Ritmeurasia: Kyrgyzstan completely switched with Russia to payments in rubles

Kyrgyzstan and Russia have completely switched to settlements in rubles, Kyrgyz Minister of Economy and Commerce Daniyar Amangeldiyev said.

“We have completely switched with Russia to settlements in rubles,” Amangeldiyev said at a briefing on Wednesday.

According to him, payments for the main types of goods are made in Russian rubles.

“The only group of goods for which settlements were made in dollars were fuel and lubricants. Due to the imposition of sanctions and the shutdown of the SWIFT system, there were problems with payments. It was decided to switch to settlements in rubles. Thus, it can be stated that all settlements with Russia is produced in rubles,” Amangeldiyev said.

The Minister added that after the switch to settlements in rubles, the ruble exchange rate began to strengthen, which consequently affected the cost of fuel.

“The exchange rate of the ruble rose after we switched to settlements in Russian rubles. Accordingly, this led to an increase in prices for fuel and lubricants. In addition, diesel fuel is becoming more expensive in Russia itself,” Amangeldiyev said.

Earlier on Wednesday, he said that it was planned to provide oil traders of Kyrgyzstan with an additional loan for the purchase of fuel and lubricants to stabilize the situation on the market. “Now there are problems again due to the strengthening of the ruble and Russia’s transition to settlements in rubles. Therefore, a decision was made to provide additional support to companies. It is planned that the money will be allocated for the purchase of gasoline, diesel fuel and liquefied gas,” Amangeldiyev said.

He recalled that in the spring, Partner Oil and Red Petroleum had already received 2 billion soms ($24 million), which made it possible to create a 40-day supply of fuel and lubricants. It is expected that more than 1 billion soms will be allocated. 

This information is been dispersed by the news agency Interfax.