Syria may start using the Russian ruble for banking transactions if the European Union bans it from operations in euros, central bank Governor Adib Mayaleh said today.
As a first step, the Syrian central bank has begun posting the exchange rate for the ruble as well as the Chinese yuan on its daily bulletin, Mayaleh said in an interview with the Arabic-language Russia Today channel.
Russia and China, allies of Syria, vetoed a UN resolution backed by the U.S. and European nations on Oct. 4 that threatened sanctions against the Syrian regime unless it halted the crackdown in 30 days.
The EU last week expanded sanctions against Syria in a bid to end a violent crackdown on demonstrators, freezing assets of organizations affiliated with the government. At least 3,000 people have been killed in the seven-month uprising against President Bashar al-Assad, according to the United Nations.
http://www.businessweek.com/news/2011-10-20/syria-may-switch-to-ruble-from-euro-central-bank-governor-says.html