icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Dumping the dollar: Russia gets ready to shift currency liquidity to the euro

Dumping the dollar: Russia gets ready to shift currency liquidity to the euro
Russian authorities are planning to shift the nation’s currency liquidity from the US dollar to the euro, the country’s Finance Ministry announced on Monday.

“Our number one goal is to turn Russia into a euro-oriented country, thus to replace the dollar with the euro,” said Dmitry Timofeev, head of the department of external restrictive measures control at the Russian Finance Ministry.

Also on rt.com Dollar has political & economic problems as deep-in-debt US exploits it as leverage – Jim Rogers

The official noted that Russia has every reason for the move, adding that the government is preparing a wide range of incentives for businesses to transition to the European single currency.

“Since we are a market economy, we cannot just order: stop using dollars,” Timofeev said, though he added that some state-owned corporations might be forced to shift.

“We need to develop the necessary tools in a single package to move the entire economy further away from the dollar, which, in fact, will allow us to avoid sanctions and make the world more democratic,” he added.

Also on rt.com Europe loses three times more from sanctions than Russia – Banca Intesa chair

The announcement comes days after Russian Finance Minister Anton Siluanov said that the National Wealth Fund would reduce its share of dollars to zero within the next month.

Meanwhile, Russian Deputy Prime Minister Alexander Novak warned that Russia may soon be tempted to move away from dollar-denominated crude contracts if the US administration continues to pile up targeted economic sanctions.

For more stories on economy & finance visit RT's business section

Podcasts