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Russia must ditch ‘poisonous’ US dollar says Foreign Ministry as Moscow moves toward Chinese currency

RT | February 25, 2021

Moscow must act urgently to cut its reliance on American financial systems, including the use of the dollar, one of the country’s top diplomats has said, pointing to a wave of sanctions from Washington against the Russian economy.

Deputy Foreign Minister Sergey Ryabkov told the Bloomberg business news network that it was essential to preempt hostile confrontation with new President Joe Biden.

“We need to barricade ourselves against the US financial and economic system to eliminate dependence on this toxic source of permanent hostile actions,” he said. “We need to cut back the role of the dollar in any operations.”

Earlier this week, American media reported that the White House was preparing to unveil a package of punitive measures against Moscow in the wake of a worsening diplomatic row over the jailing of opposition figure Alexey Navalny. One senior administration official told POLITICO that, “suffice it to say, we won’t stand by idly in the face of these human rights abuses.”

At the same time, in a speech delivered to the Munich Security Conference last week, Biden announced that he was intent on challenging “Russian recklessness and hacking into computer networks in the United States and across Europe and the world has become critical to protecting our collective security.”

On Wednesday, the Ministry of Finance in Moscow reduced the share of US dollars and euros in the currency structure of its National Wealth Fund from 45 percent to 35 percent. Instead, it has taken on more Japanese yen and increased the proportion of assets held in the Chinese yuan by 15 percent. State investors retained a 10 percent stake in the British pound.

According to officials, the changes are aimed at “increasing profitability and diversifying the investment risks of placing funds of the NWF.”

February 25, 2021 - Posted by | Economics | ,

2 Comments »

  1. Seems to me a wise move based on practicality and national interests….

    (A bit of levity: Today, a newly hired caregiver assistant took a position in my long-term-care assisted-living facility. She will be the third (and part-time) of a staff taking care of four residents. She is Chinese-American, bi-lingual, 40ish; name Yuan. When we residents were introduced to her during segments of the day, I thought a moment and said “Hmm, Yuan: isn’t the Chinese monetary system based on the yuan unit of currency?” She also pondered a moment and rejoined: “I hadn’t really thought about it that much, but yes: the word is spelled the same in English and the pronunciation is essentially equal, but the Chinese characters (kanji) are completely different!”)

    Like

    roberthstiver's avatar Comment by roberthstiver | February 25, 2021 | Reply

  2. “We need to barricade ourselves against the US financial and economic system to eliminate dependence on this toxic source of permanent hostile actions,” he said. “We need to cut back the role of the dollar in any operations.”

    The USA(and GB) are the Base for the Rothchild’s Banking Cartel on this Planet. Consequently the Banksters control the Commercial World’s currency, in London(and NY).

    And they use their power to “Sanction”(Bully) the rest of us.(well, lots of others”) The USA applies SANCTIONS on whomever it pleases, and “to hell with what everyone else thinks”.
    So, naturally, the rest of the world are seeking an alternative to the U.S. Dollar(If they can pull it off)…..

    Liked by 1 person

    brianharryaustralia's avatar Comment by brianharryaustralia | February 26, 2021 | Reply


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