Wednesday, May 9, 2018

Russia Needs to Get Rid of 'Dollar Burden' in Oil Trade : Putin

Putin didn’t name an alternative currency
Beginning his new term in office, the Russian President Vladimir Putin made disengaging the US currency from the Russian economy one of his goals, stating that the dollar monopoly is dangerous. The announcement came as Moscow and Beijing attempt to step up bilateral oil sales and financial cooperation.

Addressing the Russian Parliament following his inauguration, Putin called for the “unburdening” Russia’s economy from the dangerous monopoly of the US dollar in the pricing of oil in global commodities markets. He indicated that the underlying reasons were security-related, RIA Novosti reported.

"We used to behave naively, but now we see that the WTO [the World Trade organization] rules are all too often broken, the restrictions are imposed for political reasons, which they call sanctions. Plus more and more of them are imposed to secure its favorite competitive advantages,” Putin said.

He stated that the new "restrictions", breaking the world trade principles, make the world see that monopoly of the US dollar is dangerous for many regions.

De-dollarization should be promoted on principle, in order to preserve the country’s sovereignty, according to him.

Putin didn’t name an alternative currency in his speech.

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