Monday, August 07, 2017

Russia to reduce reliance on US dollar & payment systems in response to sanctions

The Russian government will intensify efforts to cut the country’s dependence on US payment systems and the dollar as a settling currency, said Deputy Foreign Minister Sergey Ryabkov on Monday, as quoted by RIA Novosti.

“We will, of course, speed up the work on import substitution, reduce dependence on US payment systems, on the dollar as a settling currency and so on. It is becoming a vitally important,” said Ryabkov.

“The US is using its dominating role in the monetary and financial system to impose pressure on foreign business, including Russian companies,” added the deputy minister ....