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Russia to give up US dollar
Russia to give up US dollar
Russia intends to give up the US dollar and start using euro and rubles for foreign exchange in global energy deals aiming at the reduction of dependence on the American currency.

“We have very good currency, it’s stable. Why not use it for global transactions? ” Economy Minister Maxim Oreshkin said in an interview with the Financial Times on Sunday. 

Oreshkins doubts whether shift away from the dollar would provoke excessive costs.

“We want [oil and gas sales] in rubles at some point. The question here is not to have any excessive costs from doing it that way, but if the broad… financial infrastructure is created, if the initial costs are very low, then why not?” he said.

The Minister noted that Russia could take advantage of its energy supply in a local currency, concerning the importance of the domestic bonds among foreign investors who obtain about 29% of its ruble debt.

Earlies, Russia claimed that it would not take out loans in US loans up to the end of 2019 and the following year, using the yuan and euro.

“We will borrow in currencies other than the dollar,” Russian Finance Minister Anton Siluanov said.

Natalia Veselnitskaya – official website

The post Russia to give up US dollar appeared first on Natalia Veselnitskaya.

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Опубликовано: 13.10.19



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