Socio-Economics History Blog

Socio-Economics & History Commentary

Russia Responds to New US Sanctions by Dumping the Dollar

Well, what do you know? No lack of toilet paper!

  • Russia Responds to New US Sanctions by Dumping the Dollar
    by , http://theantimedia.org/
    (ANTIMEDIA)  Following new sanctions against Russia that President Donald Trump signed into law last week, Moscow responded Monday by announcing Russia will speed up work on reducing the country’s dependence on Western payment systems and the U.S. dollar in general, according to Russia’s state-run RIA Novosti news agency.

    “We will of course intensify work related to import substitution, reduction of dependence on U.S. payment systems, on the dollar as a settling currency and so on. It is becoming a vital need,” said Deputy Foreign Minister Sergei Ryabkov on Monday, as cited by RIA.

    “(Otherwise) we will always sit on their hook, exactly what they need,” he added.

    The sanctions bill, born of U.S. politicians’ continuing accusations that Russia meddled in the 2016 election, was passed by Congress and sent to Trump’s desk for final approval at the end of July. Russia didn’t wait for the U.S. president’s signature, however, and boldly responded within hours the bill’s congressional passage. As CNN reported:

    read more.

end

August 9, 2017 - Posted by | Economics, GeoPolitics | , , , , , , ,

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