Putin proposes adding ruble to int. payment system

13:02 | 10/ 06/ 2007

ST. PETERSBURG, June 10 (RIA Novosti) – Russian President Vladimir
Putin proposed Sunday adding ruble transactions to the international
system of payments.

Speaking at an international economic forum in St. Petersburg, Putin
said the current financial system based on one or two currencies no
longer met the strategic needs of the global economy, where currency
fluctuations had a negative impact on economies.

"In answer to such a challenge [we] could introduce several reserve
currencies and several financial centers," Putin said.

Putin said the ruble, which almost became a hard currency after
currency restrictions had been removed in Russia, should be used more
extensively in international payments.

"It is time to consider switching to ruble payments for Russian
exports, when it is beneficial for both suppliers and customers," Putin
said.