The Ministry of Finance allowed a complete abandonment of the dollar in favor of the euro

14

One of the measures to combat the US sanctions against Russia may be to reduce dependence on the American currency. Dmitry Timofeev, Director of the Department for Control over External Restrictions of the Ministry of Finance of the Russian Federation, said this during the RIAC online conference "Risks of Sanctions for Russian and International Business: Results of 2020 and Outlook for 2021".

During the event, it was noted that sanctions and other restrictions are key risks for doing international business and free enterprise. Economic pressure on Russia does not stop, but only intensifies. New unfriendly mechanisms are appearing and old restrictive measures are being improved, and the number of "secondary sanctions" is growing.



Timofeev explained that in connection with the above, Moscow needs to switch from dollar to euro in international settlements and prepare for the transformation of the Russian ruble into a full-fledged reserve currency. He admitted that in the future a complete rejection of the dollar in favor of the European currency could occur.

In some cases, you can turn off the dollar. Many dollar transactions are built into our solutions, and they can be changed. But you need to understand that this is a long job, and countries must switch. Not everyone is ready for this

- he stressed.

The official believes that Russia can become a "Europeanized" country like Poland. When Russia’s main trading partner is Europe, the use of the dollar looks really strange.

In the long term, the time will come for the yuan, the pressure of the Americans on China may contribute to this. We need to promote the ruble

- explained the representative of the Ministry of Finance.

He added that the share of settlements in dollars in oil and gas exports is decreasing. We must continue to develop our own economy and financial market so that the ruble gradually becomes a reserve currency.

Both we and foreigners must trust the ruble, but this will take some time. I believe that over time, the ruble can become at least a regional reserve currency

- summed up a high-ranking official.

14 comments
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  1. steelmaker
    steelmaker
    0
    15 December 2020 20: 18
    We have adopted a new Constitution, dual citizenship is prohibited, real estate, accounts abroad. Well, where are the resignations in the government and the State Duma? Who will allow them to refuse $?
  2. 123
    123
    +3
    15 December 2020 20: 45
    Timofeev explained that in connection with the above, Moscow needs to switch from dollar to euro in international settlements and prepare for the transformation of the Russian ruble into a full-fledged reserve currency.

    It would be better to switch to the ruble, of course, but there is still a lot of work in this direction.

    The official believes that Russia can become a "Europeanized" country like Poland. When Russia’s main trading partner is Europe, the use of the dollar looks really strange.

    It is strange that an official thinks so. Turning into Poland is not the best option. And the main trading partner should not be Europe, trade should be diversified.
    The picture is a little outdated because the data for the last year, but in general it reflects the approximate state of affairs.


    http://www.ved.gov.ru/monitoring/foreign_trade_statistics/monthly_trade_russia/

    In the sections - CIS and Other countries, the figures are not impressive. No.
  3. ODRAP
    ODRAP
    -6
    15 December 2020 22: 36
    Fighting sanctions, which are very useful, is a shot in the leg.
    I think so.
  4. Xuli (o) Tebenado
    Xuli (o) Tebenado
    -1
    16 December 2020 08: 20
    One of the measures to combat US sanctions ... may be to reduce dependence on the American currency.

    The keywords here are "may become". Or maybe not.
    Gold, oil, gas and many other things are traded for $$$, and Russia is unlikely to be able to change the current state of affairs.
    Moreover, all of Russia's attempts to "get away" from $$$ are reminiscent of the well-known Russian proverb about the effectiveness of urination against the wind and lead to large financial losses.
  5. Sergey Latyshev
    Sergey Latyshev
    -2
    16 December 2020 09: 01
    Allowed since 2014, but things are still there.
    USD 73,38 instead of 20 in 2000m
    1. Xuli (o) Tebenado
      Xuli (o) Tebenado
      0
      16 December 2020 12: 53
      Average annual exchange rate in 2000: 28.12 rubles per 1 US dollar

      Course at the beginning of the year: 27 ₽. At the end of the year: 28.16 ₽ Minimum: 26.9 ₽. Maximum: 28.87 ₽.
      1. Sergey Latyshev
        Sergey Latyshev
        0
        16 December 2020 17: 59
        They are absolutely right. 27 ₽
  6. Potapov
    Potapov
    0
    16 December 2020 10: 02
    Tighten your pelvic muscles and allow a refusal in favor of a transferable ruble ... The lackeys of capitalism ...
  7. Bulanov
    Bulanov
    0
    16 December 2020 16: 53
    Over time, 1 kilowatt can become a monetary unit ...
  8. Jacques sekavar
    Jacques sekavar
    +2
    16 December 2020 20: 44
    The Russian Federation cannot change anything on its own, but under pressure from the United States, there is nothing left to do but to join the Euro. The only question is how the United States will react to this, which will be the determining factor in the transition of the Russian Federation to Renminbi.
  9. Alexzn
    Alexzn
    -1
    17 December 2020 10: 23
    Quote: Bulanov
    Over time, 1 kilowatt can become a monetary unit ...

    Why not a kilogram of cucumbers?
    1. Bulanov
      Bulanov
      +1
      17 December 2020 15: 35
      Because money is energy! If you replenish your energy with cucumbers, then the flag is in your hands!
  10. Alexzn
    Alexzn
    -1
    17 December 2020 17: 08
    Quote: Bulanov
    Because money is energy! If you replenish your energy with cucumbers, then the flag is in your hands!

    Honestly, I have studied all of Marx with his 5 functions of money ... I read Keynes, Friedman, Galbraith ... but none of them thought of the idea that money is energy. Did you drink a little?
  11. Monster_Fat
    Monster_Fat
    0
    24 December 2020 15: 04
    prepare for the transformation of the Russian ruble into a full-fledged reserve currency.

    laughing lol good love