Putin supported Russia's rejection of the dollar

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Over the last few years the United States has policies they have so compromised themselves as the owner of the world's main reserve currency that more and more countries are considering options to maximize de-dollarization of their own economics. Russia was no exception.


The head of VTB Andrei Kostin during a conversation with Russian journalists said that his proposals to reduce the impact of the dollar on the Russian economy were approved and supported by Russian President Vladimir Putin. At the same time, Kostin noted that there is no question of a complete rejection of the dollar.



The plan of the head of VTB on avoiding the dollar contains four main areas:
- reduction of the share of the dollar in the calculations on export-import operations and its replacement with euros, rubles or yuan;
- re-registration of the largest holdings in the territory of the Russian Federation;
- widespread use of the Russian depository for the placement of Eurobonds;
- uniform work rules for all stock market participants.

The heads of various Russian financial departments (the Ministry of Finance, the Ministry of Economic Development, the Bank of Russia) supported Kostin’s plan and are ready to work within it, directing their actions to reduce the role of the dollar in the Russian economy.
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