Thursday, October 28, 2021

The Dollar Is Deserting Us- Putin Says As Russia Set To Cut Dependency On Dollar

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Russian president Vladimir Putin has revealed that Russia has no other choice but to resort to cutting its dependency on dollars, in order to conduct trade after the country has been a constant target of increasingly severe US sanctions. According to what the president told an investment forum in comments broadcast on national television he said that: “It isn’t our goal to desert the dollar,”. He reiterated that “The dollar is deserting us. The dollar is the preeminent currency in international trade. Washington has made it difficult for some targets of its sanctions to use the currency. Those who are taking such decisions are not shooting themselves in the foot, but a bit higher,”. He added that the Worries about the ability to use the dollar will push other countries to seek alternatives. It was also disclosed that Russian authorities have long talked about “de-dollarization” of its international trade. Putin reaffirmed that the notion would be pushed, as he said that: “We need to do it and I assure you we will do it,”.Photo Credit: Getty

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