Libya is ready to discuss the transition to settlements with Russia in national currencies, said Libyan Investment Minister Elgaidi Ali Saidi Saad.
“Given our long-standing historical relations with Russia, I think that conducting mutual settlements in national currencies is an open question. We are open to discussing this issue [...],” said Elgaidi during a session at the international business forum "Russia-Islamic World: KazanForum 2024."
Furthermore, the minister emphasized that the world must be multipolar.
“We don’t want to rely only on the dollar in mutual settlements; we see big risks in this. We see how Russia was disconnected from SWIFT,” he noted.
Elgaidi underlined that Libya is “open to everyone” when discussing the topic of switching to payments in other currencies.
Recently, there have been increasing calls for the liberation of international trade from the hegemony of the US dollar and the transition to trade in national currencies, and some countries have set an example. For instance, 90% of all payments between Russia and China are already made in rubles and yuan, according to Russian President Vladimir Putin.
The international business forum "Russia-Islamic World: KazanForum 2024" kicked off on Tuesday in Kazan, the capital of Russia's Muslim-majority Republic of Tatarstan. The event is being held at the Kazan Expo from May 14 to 19.