Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan have agreed that payments for partial gas supplies will be made in the Russian ruble currency.

The bilateral talks, held in Sochi, lasted over four hours on Friday,

CNN reports.

"In the process of negotiations, the presidents agreed to start paying in rubles for partial gas supplies," Russian Deputy Prime Minister Alexander Novak told reporters after the meeting.

Russian President Vladimir Putin meets Turkish President Recep Tayyip Erdogan in Sochi for talks.

The meeting between the two leaders is being held at Putin's Black Sea residence in Sochi.

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"We are talking about the transition to national currencies, and in the first phase, part of the supplies will be paid in Russian rubles.

And this is really a new stage, new opportunities, including the development of our monetary and financial relations," said Novak.

Novak also said that the two presidents reached an agreement on the creation of a financial banking bloc "to enable commercial companies, Russian citizens, to pay during tourist trips and exchange money."

Putin and Erdogan agreed to hold the next meeting of the Russian-Turkish High Level Cooperation Council in Turkey.

Otherwise, after imposing sanctions on the Russian state, the European countries have refused to pay in rubles for the purchase of gas.

/Telegraph/