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Russia speeds up dumping the dollar from economy

Started by EvadingGrid, Jul 16, 2018, 05:17:29 AM

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EvadingGrid



Russia speeds up dumping the dollar from economy






'One of Russia's largest banks, VTB is seeking to decrease the share of US dollar transactions at home as locals are choosing the Russian ruble over the greenback.

According to Kostin, VTB experts have drafted a package of proposals designed to further promote the ruble in international settlements. "I think that we need to create our own financial tools. This would serve as an additional safeguard for the Russian financial sector against external shocks, and would give a new impetus to its development," Kostin added. The financial tools Kostin mentioned are floating Eurobonds, shares and other derivatives that are now used only in the West.

Russia has been seeking the ways of decreasing the dependence on the US currency after Washington and its allies imposed sanctions against Moscow in 2014. In May, President Putin said Russia can no longer trust the US dollar-dominated financial system since America is imposing unilateral sanctions and violates World Trade Organization (WTO) rules. Putin added that the dollar monopoly is unsafe and dangerous for the global economy.'

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