Russia To Cut Dependence On U.S. Dollar, Payment Systems

Jon Economy

Russia’s Mir credit card to go European #SPIEF pic.twitter.com/BYMg99X2wC
— SPIEF (@SPIEF) September 27, 2016

Russia will speed up work on reducing its dependence on U. S. payment systems and the dollar as a settling currency in response to U. S. sanctions, Deputy Foreign Minister Sergei Ryabkov said on Monday.
Quoted by Reuters, Ryabkov said that “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.” The reason for that is that “the US is using its dominating role in the monetary and financial system to impose pressure on foreign business, including Russian companies.’

This post was published at Zero Hedge on Aug 7, 2017.