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.

“Don’t forget that we can carry out operations in rubles,” Mayaleh said, according to a e-mailed transcript of the interview. “In the nearest future we will agree on parameters for switching to close cooperation with Russian banks and using the ruble for international settlements.”

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.

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.