Monday, August 7, 2017

Russia to accelerate dollar dumping and dependency following Washington's new round of sanctions

With Europe publicly excoriating the U.S. for their passing a new round of economic sanctions against Russia due to their inability to succeed in overthrowing the government in Syria, Moscow on Aug. 7 announced they were accelerating their programs to wean themselves off the dollar, and work harder towards eradicating any dollar dependency.

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. 
After Washington imposed sanctions on Moscow in 2014, the MasterCard international payment system stopped serving clients of seven Russian banks without warning. 
In response, the Russian government ordered the creation of a national payment system. With the support of the country's banking system, the Mir charge card was introduced in 2015. – Russia Today

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