Russia and Egypt are set to conduct transactions in national currencies, with Moscow in talks on the matter inAbu Dhabi according to the Chairman of the Committee of the State Duma of the Federal Assembly of the Russian Federation on Financial Markets Anatoly Aksakov.

“We have mutual dealings with Egypt in the two national currencies, and we are in talks with the UAE (in this regard),” Aksakov said in an interview with RT on the sidelines of his participation in the St. Petersburg International Economic Forum.

Aksakov added that the percentage of the dollar in international currency trading had shrunk in two years from 70 percent to 60 percent, expecting that many countries would turn to national currencies due to unfair US sanctions policy.

The Russian parliamentarian also pointed out that 70 percent of Russia’s dealings with Iran are being carried out in the national currencies of both countries.

Russia approved a law regarding the digital ruble, which is expected to be used starting in the second half of this year, Aksakov said, adding, “we can help Arab and friendly countries with establishing digital national currencies.”

The St. Petersburg International Economic Forum is held from June 14 to 17. The international event focuses on major economic issues and challenges facing Russia, emerging markets and the world as a whole.

The forum is an effective platform for exchanging views and experiences between policy makers, officials and representatives of the business sector from different countries of the world.