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Russia and Cuba are considering using rubles and cryptocurrencies for mutual settlements in efforts to facilitate cooperation amid sanctions introduced against both countries. That’s according to Boris Titov, Russia's presidential commissioner for the protection of entrepreneurs' rights, who spoke to TASS news agency on Monday as he arrived in Havana for the 38th International Multisectoral Fair FIHAV-2022. "We are all, Cuba and Russia, under sanctions, the dollar turnover is the main financial mechanism that exists in the world for mutual settlements, but today alternative ways are being developed at the level of the governments to change this situation. I know that several options are being considered, including [settlements] in rubles," Titov said. "Business is often more flexbile, so it's easier to find ways to comply with the law. <...> The use of cryptocurrencies for mutual settlements and the possibility of paying through clearing schemes, private schemes are also being considered," he added. The 38th International Multisectoral Fair FIHAV-2022 takes place from November 14 to 18 in the the Cuban capital of Havana. The event is attended by companies from more than 60 countries, including Brazil, Canada, China, France, Italy, Mexico, Russia, Spain, and Venezuela.

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【Russia and Cuba may switch to rubles and cryptocurrency for mutual settlements】Russia and Cuba are considering using rubles and cryptocurrencies for mutual settlements in efforts to facilitate cooperation amid sanctions introduced against both countries. That’s according to Boris Titov, Russia's presidential commissioner for the protection of entrepreneurs' rights, who spoke to TASS news agency on Monday as he arrived in Havana for the 38th International Multisectoral Fair FIHAV-2022.

"We are all, Cuba and Russia, under sanctions, the dollar turnover is the main financial mechanism that exists in the world for mutual settlements, but today alternative ways are being developed at the level of the governments to change this situation. I know that several options are being considered, including [settlements] in rubles," Titov said. 
"Business is often more flexbile, so it's easier to find ways to comply with the law. <...> The use of cryptocurrencies for mutual settlements and the possibility of paying through clearing schemes, private schemes are also being considered," he added.

The 38th International Multisectoral Fair FIHAV-2022 takes place from November 14 to 18 in the the Cuban capital of Havana. The event is attended by companies from more than 60 countries, including Brazil, Canada, China, France, Italy, Mexico, Russia, Spain, and Venezuela.

Russia and Cuba may switch to rubles and cryptocurrency for mutual settlements

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