Socio-Economics History Blog

Socio-Economics & History Commentary

Russia Ditching US Dollar to Counter New Sanctions

  • Published on Aug 7, 2017
    Russia says it is speeding up efforts to reduce its dependency on the US dollar and the American payment system. Russian Deputy Foreign Minister Sergei Ryabkov has described the move as a way to counter Washington’s new sanctions against Moscow. According to Ryabkov, it is urgent to switch the settling currency from the US dollar to a substitute one. The decision comes less than a week after President Donald Trump signed into law a new sanctions bill that targeted Russia’s energy sector. In retaliation, the Kremlin told the White House to reduce the number of its diplomats to 455. Russia has already tried to build an alternative to the US-dominated World Bank by creating a new reserve fund in cooperation with Brazil, India, China and South Africa.

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August 8, 2017 - Posted by | Economics, GeoPolitics | , , , ,

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