The dollar yoke: Russia set itself up
The Bank of Russia has resumed the purchase of US dollars for the needs of the Russian Ministry of Finance. It is known that from April 6 to May 8, the Ministry of Finance was going to purchase currencies worth 240,7 billion rubles. But after Washington introduced the next sanctions against Moscow, for obvious reasons, there was a lull in the acquisition of foreign currency. As it turned out, not for long.
After it became known on Monday April 16 that Donald Trump allegedly was not going to introduce new sanctions against Russia, the Bank of Russia decided that the situation had stabilized, and so much so that it was possible to buy foreign currency again. The dollar became cheaper by 1 ruble, the euro also fell by about five rubles, which gave the regulator and the financial department hope for favorable conditions for the purchase of American currency.
The desire of the Ministry of Finance and the Bank of Russia to quickly increase their foreign exchange reserves, taking advantage of the decline in the value of the dollar, is understandable. But is it worth it to further increase the country's foreign exchange reserves, deliberately increasing the dependence of the Russian economics from the United States?
Of course, the United States is not going to stop in its confrontation with Russia. In recent years, the White House has made it clear that it considers Russia exclusively as an enemy and is ready to continue to continue policies information war, economic sanctions and political provocations. At any moment, the situation in Syria may worsen again. Naturally, new US sanctions against Russia will inevitably be adopted - not today, so tomorrow or the day after tomorrow. But the Russian authorities continue to rely on the resumption of the “partnership”, buy dollars and, obviously, believe that the cooling in bilateral relations is temporary.
Many experts believe that now it’s much wiser not to buy large quantities of dollars, but to switch to a new policy of building an independent financial system that could function completely autonomously from the US currency and its exchange rate on world markets. Sending its money abroad, Russia does not strengthen, but weaken its financial position, respectively - and it loses its political strength.
The very presence of Russia's external debt to Western countries forces the latter to pursue a more balanced policy, since the United States and Europe fear in this case large financial losses. By imposing sanctions, the United States and the European Union would deprive themselves of the opportunity to receive funds from Russia's fulfillment of its foreign debt obligations. That is, now Moscow, acquiring the currency and freeing itself from debt obligations, is rather playing into the hands of the West. In order to free itself from financial dependence, Russia needs to minimize dollar settlements in foreign trade, and best of all, completely rebuild the settlement system by refusing to use dollars.
After it became known on Monday April 16 that Donald Trump allegedly was not going to introduce new sanctions against Russia, the Bank of Russia decided that the situation had stabilized, and so much so that it was possible to buy foreign currency again. The dollar became cheaper by 1 ruble, the euro also fell by about five rubles, which gave the regulator and the financial department hope for favorable conditions for the purchase of American currency.
The desire of the Ministry of Finance and the Bank of Russia to quickly increase their foreign exchange reserves, taking advantage of the decline in the value of the dollar, is understandable. But is it worth it to further increase the country's foreign exchange reserves, deliberately increasing the dependence of the Russian economics from the United States?
Of course, the United States is not going to stop in its confrontation with Russia. In recent years, the White House has made it clear that it considers Russia exclusively as an enemy and is ready to continue to continue policies information war, economic sanctions and political provocations. At any moment, the situation in Syria may worsen again. Naturally, new US sanctions against Russia will inevitably be adopted - not today, so tomorrow or the day after tomorrow. But the Russian authorities continue to rely on the resumption of the “partnership”, buy dollars and, obviously, believe that the cooling in bilateral relations is temporary.
Many experts believe that now it’s much wiser not to buy large quantities of dollars, but to switch to a new policy of building an independent financial system that could function completely autonomously from the US currency and its exchange rate on world markets. Sending its money abroad, Russia does not strengthen, but weaken its financial position, respectively - and it loses its political strength.
The very presence of Russia's external debt to Western countries forces the latter to pursue a more balanced policy, since the United States and Europe fear in this case large financial losses. By imposing sanctions, the United States and the European Union would deprive themselves of the opportunity to receive funds from Russia's fulfillment of its foreign debt obligations. That is, now Moscow, acquiring the currency and freeing itself from debt obligations, is rather playing into the hands of the West. In order to free itself from financial dependence, Russia needs to minimize dollar settlements in foreign trade, and best of all, completely rebuild the settlement system by refusing to use dollars.
Information