Friday, October 30, 2015

Putin calls for ending dollar use in oil sales and expanding it into all international payments

On Oct. 28, Russian President Vladimir Putin spoke at the Fuel and Energy Presidential Commission and re-emphasized his stance on the petro-dollar system, and the need to ensure its end for oil and other energy purchases.  This continuing admonition of dollar hegemony comes as Putin’s administration has already submitted a bill to the Duma calling for an end of dollar based energy sales within CIS nations, especaially as U.S. imposed sanctions edge towards their third year.
In addition to oil and energy sales, Putin also pointed out that it is the focus and mission of Russia to eventually end all use of the dollar in international trade where it is not needed outside of direct trade with the U.S. itself.


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