Putin orders end to trade in US dollars at Russian seaports

© Pisotckii

Next year, Russian seaports could find that they must use the rouble rather than the dollar, following an instruction from the Kremlin. Services in many Russian seaports – which are government-owned – are offered in US dollars. Last year Russia’s antitrust watchdog sued NMTP, the largest Russian ports group, for setting tariffs for transhipment in dollars. It was initially fined $165m, but the decision was overturned. However, next year it looks likely that shipping companies will need to buy roubles if they want to continue serving Russia’s ports.