JOHANNESBURG, July 27. /Basereporter.com/. The President of Russia Vladimir Putin called a mistake the US restrictions on payments in dollars, as it undermines the credibility of the main reserve currency.
“As our American partners and restrictions that they impose, including in the calculations in dollars, I believe that this is a big strategic mistake our American partners,” – said the Russian President at a press conference on the results of the BRICS summit.
“They [the US] thereby undermine the credibility of the dollar as a reserve currency”, – said Putin.
The Russian leader said: “quite recently, a few years ago, nobody thought that these tools can be used in the political struggle, in the sphere of political competition.” “All proceeded from the fact that politics is politics… or as we joke, war is war, and lunch schedule. And here. Contradictions contradictions, and in the economy there are some things completely stable and untouchable. It turned out that it is not so”, – stated the President of the Russian Federation. He said that “payment systems are used as a political argument in political disputes, resolving contradictions, and the currency in use”.
“In my opinion, this is detrimental to the dollar as the world reserve currency, undermining confidence,” said the President. According to Putin, “if this were not so, there would be a desire is not in the same country, and dozens of countries to think about other options [reserve currency]”.
The Russian head of state difficult to say what may be the world’s other reserve currency than the us dollar, but noted that “the Renminbi is becoming such a quality.” The Russian leader did not rule out that “this process will be accelerated.” And reminded that “today it [the yuan] is included in the pool of the IMF.”
Russia is not abandoning the dollar
“Russia is not abandoning the dollar as the universal reserve currency”, – Putin said. “We are not going to make any sudden movements, do not in any way going to abandon the dollar, we use it, and will apply to the extent that the financial authorities of the United States will not interfere with the use of the dollar in settlements”, – said the President.
The Russian leader has noticed that the status of a universal reserve currency, “more or less can claim the Euro, but not at full volume”. “Therefore, we are well aware of what the dollar is today,” assured the President. Speaking about reserve currencies, he noted that “the emergence of regional reserve currencies, in a sense, this is the role of the Russian ruble in relation to the CIS or EurAsEC (Eurasian economic Union)”. “But in any national currency so strong and good as strong and a good economy behind it”, – said the Russian leader. “Therefore, from this fundamental reason, we must proceed,” said he.
“As for the dollar, we should minimize risks, we can see what’s going on with these sanctions, illegal in fact the constraints we are aware of these risks and trying to minimize them”, – said Putin. He drew attention to the fact that the problem of the dollar as universal reserve currency speaks not only Russia but many other countries. “Many countries in the world speak about the need to empower the world of Finance, the world economy and create a new reserve currency. It will do the world economy and global Finance more stable,” – said the Russian head of state.