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19 Oct, 2021 09:00

Russia will continue to ditch US dollar in economy & trade – official

Russia will continue to ditch US dollar in economy & trade – official

The Russian government is planning to continue its established policy of eliminating the share of US currency in the country’s economy, according to Deputy Minister of Foreign Affairs Alexander Pankin.

According to the minister, all transactions processed via the US financial system can be blocked by Washington at its discretion, while the threat of anti-Russian sanctions is still relevant.

“Thus, there is no doubt about the expediency of continuing to work on further reducing the share of the dollar in national and international reserves, as well as its use in settlements with foreign partners,” he said, as quoted by Interfax.

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The official added that, in the long run, the US dollar could be replaced by other foreign currencies and digital assets. However, he admitted that eliminating the dollar is associated with “certain costs for businesses and government financial transactions.”

Earlier, Kremlin spokesman Dmitry Peskov said Russia’s de-dollarization drive is a constant process that is also taking place in many other countries. According to Peskov, the main reason for that is deep concerns over the reliability of the US dollar as the world’s top reserve currency.

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