Russia Should Reduce Use of US Dollar in Transactions Gradually, Top MP Says

Author: us-russia
Comments: 0
Russia Should Reduce Use of US Dollar in Transactions Gradually, Top MP Says
Published 10-08-2017, 07:00
A senior Russian lawmaker said Thursday that Moscow should move smoothly while reducing the dependence on the US dollar in transactions to maintain the process of recovery of the country's economy.

MOSCOW (Sputnik) – Russia should reduce its use of the US dollar in transactions, but this should be done gradually as abrupt measures can incur costs for the Russian economy, Valery Vasiliev, the deputy chairman of the Russian Federation Council's Committee on Economic Policy, told Sputnik on Thursday.

"Of course, it is necessary to launch such a policy, but at a time of economic growth. In that case the world’s attitude to the [Russian] ruble as a future reserve currency will be totally different … It will be difficult to stop using the dollar quickly but this can be done gradually with minimum costs for the Russian economy,” Vasiliev said.

He cited China as an example of a country that reduced its dependence on the US dollar and pointed out that Russia would need to develop long-term financial markets in the country, which implies additional investments.

"I want to point out that Russia should achieve the goal of maintaining macroeconomic stability, reduce inflation and develop the Russian Mir independent payment system, as well as to promote it to the global level … But to do that on the spur of the moment is impossible and even harmful for the Russian economy,” the lawmaker said.

He added that Russia should use other foreign currencies more actively, and not only the UK pound and the euro but also the yuan.

On Monday, Russian Deputy Foreign Minister Sergey Ryabkov said that Russia would intensify work to reduce its dependence on US payment systems and the dollar in settling transactions. The statement was made less than a week after US President Donald Trump signed into law a bill on new sanctions against Russia, North Korea and Iran.

 

sputniknews.com

Comments: 0
Experts' Panel
Any advice to Trump?
All those who have contributed to the Trump - Pence "Make America...
Any advice to Trump?
Top
popular in the journal
Lavrov, Tillerson Meet on...

Lavrov, Tillerson Meet on...

Russian Foreign Minister Sergey Lavrov and US Secretary of State Rex Tillerson started their meeting in Manila on the sidelines of the ASEAN forum, a Sputnik ...
Any advice to Trump?

Any advice to Trump?

All those who have contributed to the Trump - Pence "Make America Great Again" campaign are getting two or three messages per day from them complaining about their ...
Russia\

Russia\'s Kaspersky Lab Launches...

Russian software developer Kaspersky Lab announced the worldwide launch of a free antivirus.
Dalai Lama\

Dalai Lama\'s Secret Dream: NATO...

Tibetan spiritual leader Dalai Lama has recently shared his vision of NATO headquarters being relocated to Moscow, thus making Russia and the US allies.
CrossTalk: Bullhorns: Sanctions War

CrossTalk: Bullhorns: Sanctions War

It is time to speak the obvious: Cold War 2.0 is officially on. Though this Cold War is different and possibly far more dangerous. The world is in uncharted waters as ...