The reserve currency position of the Russian ruble is strengthening as countries turn away from the dollar due to US financial restrictions, Russian President Vladimir Putin said on Thursday during his annual Q&A session.
The role of Russia’s national currency will continue to grow, especially in payments between members of the Eurasian Economic Union (EEU), Putin told journalists. The Russian president gave an example of cross-border payments between EEU members Russia and Belarus, nearly 70 percent of which are in rubles.
“The role of the ruble as a reserve currency used in payments is increasing. It will strengthen in this segment as it is not associated with costs of dollar payments and is more reliable,” the Russian leader told journalists.
Answering the question about Russia’s effort to reduce the role of the US dollar in its economy, Putin admitted that the US currency has a greater role in Russia than globally, because many national exports – such as oil and gas – are traded in dollars.
The Russian president added that the so-called de-dollarization in Russia only affects operations between organizations and will not affect the right of the people to own and trade dollars.
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Source : RT Business News
As world turns away from US dollar, role of Russian ruble is growing – Putin
As world turns away from US dollar, role of Russian ruble is growing – Putin
