SLOW DEATH OF USD: Russia Will Continue to Increase Transactions in National Currencies

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MOSCOW, Russia – Russia will continue to increase transactions in national currencies, taking into account the fact that the US is doing everything to undermine confidence in the dollar, Russian Prime Minister Dmitry Medvedev said.

In an interview with Russian TV channels on Thursday, answering a question about the process of dedollarization, the Russian prime minister pointed out that this does not mean the renunciation of the dollar.

He explained that it is necessary to carry out the dedollarization “simply because we must orient ourselves to our currency, it is a utilitarian question”.

“It is more profitable for us to pay in rubles. It is more advantageous to establish relations with other countries in rubles: to make payments with China in rubles and yuan, we are always talking about it with them, with India – in rupees and rubles, respectively, with other countries – in national currencies and rubles,” Medvedev said.

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According to the Russian prime minister, it is normal for Russia to continue on this course, there is nothing wrong with that. “More so than our colleagues across the ocean, I speak of the US authorities, do everything to undermine the confidence in the dollar,” Medvedev said.

This comes as Russia has taken another important step on the path of economic de-dollarization by selling public bonds in European currency; demand soon outstripped supply.

According to author Aleksandr Lesnykh, the early results of the announced course towards dedollarization surpassed all expectations – early in November it was revealed that the S-400 Triumph air defense systems would be purchased by India in Russian currency, with a total contract value of approximately 331 billion rubles.

“We do not aim to abandon the dollar, it is the dollar that is leaving us. And those who make their decisions are no longer shooting their feet, but a little higher, since such instability in dollar payments causes in many world economies the desire to find alternative reserve currencies and to create independent payment systems of the dollar, “Russian President Vladimir Putin said in late November on the subject.

from https://www.fort-russ.com/2018/12/slow-death-of-usd-russia-will-continue-to-increase-transactions-in-national-currencies/

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