Russia not responsible for dollar’s diminishing role in trade – Putin — RT Russia and former Soviet Union
Moscow Denied Option to Use Dollar for Settlements, President Says
Russia is not behind the emerging global trend toward a weaker US dollar in trade, President Vladimir Putin said at the Eastern Economic Forum in Vladivostok on Thursday.
The event brings together members of the BRICS economic bloc, including India and China, both of which actively use their national currencies to settle transactions with Russia.
However, Moscow is not pursuing a “de-dollarization policy”, Putin said this at a plenary session of the forum.
According to him, the US dollar became the dominant currency after World War II, when Washington was able to take advantage of the outcome of the conflict. Today, however, the ill-conceived and unprofessional actions of the US government are pushing countries to abandon the reserve currency, he added.
“Russia did not refuse to settle transactions in dollars, but it was denied this option,” Putin said.
After the outbreak of the Ukrainian conflict in February 2022, the United States cut off dollar transactions with the Russian central bank and subsequently banned the export of dollar banknotes to the country as part of an unprecedented sanctions campaign against Moscow.
As a result, Russia and its BRICS partners now use their national currencies in 65% of mutual trade settlements, Putin said.
The BRICS economic bloc was founded in 2006 by Brazil, Russia, India and China, with South Africa joining in 2011. Russia currently holds the bloc’s presidency. Egypt, Ethiopia, Iran and the United Arab Emirates joined the group earlier this year. Earlier this week, Turkey officially applied to become a member.
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The United States has been widely accused of using the dollar as a weapon against its rivals by imposing sanctions and freezing assets. Foreign Affairs magazine wrote in June that sanctions against Russia “This has undoubtedly led other central banks to wonder whether their own dollar-denominated reserve funds would be blocked if their governments clashed with Washington.”
RT
