Russian President Vladimir Putin has proposed a bold new way to boost the country’s currency: making it more transparent.
The move is a departure from the status quo in which Russia is known for its secret-keeping and opacity.
Instead, Putin is proposing to make the rouble the second most valuable reserve currency in the world, after the dollar, according to a list of measures unveiled by the new president.
Putin said Russia would issue the new currency in a special bank account that would be set up by the central bank and run by a separate central bank, a move that could significantly boost the roubles value, potentially making it the most valuable foreign currency in circulation, according.
Russia’s currency has long been a contentious issue with the West.
Last year, the United States threatened to cut off aid to Russia over its refusal to allow access to the country by the U.S. National Security Agency.
Putin’s proposals come amid mounting international pressure to ease sanctions against Russia, a key partner in the U,S.-led war against Islamic State.
The Kremlin has also recently introduced new currency measures that would affect almost every other major currency in Russia, including the ruble, the euro, the dollar and the pound.
In addition to the currency measures, Putin’s new finance minister has proposed setting up a new central bank to supervise the economy.
The finance ministry announced in May that the centralbank would be established as a special reserve account to hold the rouge.
The new measures have been widely condemned by the West and the U and the Russian parliament has said they violate international law and are illegal.