Russia has lost faith in the US dollar – official – RT Business News

Greenback has become an unreliable unit of account, says Finance Minister Anton Siluanov

Russia no longer has confidence in the US currency as it has become an unreliable financial instrument, Finance Minister Anton Siluanov said on Monday.

He pointed out that the US dollar, euro and pound sterling – the main reserve currencies – had once been considered the main units of account. “The situation has shown that now this [dollar] is a totally unreliable instrument… We therefore have no confidence in this kind of unit of account. It’s lost” Siluanov told Russian Channel One.

He also pointed out that Russia has turned to trading other currencies, especially “in rubles and, of course, in the currencies of other friendly countries, such as the yuan.”

Moscow regularly pursues a policy of dedollarization of foreign trade. In recent years, Russia and some of its trading partners, including India and China, have stepped up the use of national currencies in mutual settlements in an effort to move away from the dollar and euro.

Siluanov pointed out that in 2021 a significant part of financial transactions in Russia are carried out in dollars and euros. “About a third of settlements were then made in rubles, while today more than half, or about 55%, are made in rubles and friendly currencies,” he said, adding that this figure will continue to grow.

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According to the minister, the economic well-being of citizens is more important than exchange rates. “We are mainly concerned about how the economy will develop, how the income of the people will increase, what kind of jobs we will have,” he concluded.

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