Contents tagged with dollar
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Putin concedes defeat in attempt to dethrone U.S. dollar with BRICS single currency
Russian President Vladimir Putin has conceded the failure of Russia's ambitious project aimed at challenging the dominance of the dollar as the primary global currency. The grand promises to establish the so-called "BRICS single currency" have fizzled out, and the idea is no longer on the table. Back in 2022, Russia announced plans to create a unified BRICS currency, with pledges to back it with land and rare earth metals to make it more attractive than the dollar.
However, it appears that …
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Putin supports the plan to stop using the US dollar in Russia
The head of the Russian bank VTB Andrey Kostin stated that the Russian President Vladimir Putin “mostly” supported his proposal to stop using the US dollar, RIA Novosti reports.
We do not intend to completely abandon the dollar, said Kostin. According to him, the proposal recommends a gradual transition to transactions in other national currencies, for example, between the countries of the Eurasian Economic Union and in specific areas such as weapons.
“This is a long-term plan and is aimed …
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Russian Foreign Minister predicts collapse of the US dollar
Washington’s abuse of the role of American dollar as the world’s reserve currency can lead to the currency’s position weakening, stated bythe Russian Minister of Foreign Affairs, Sergey Lavrov, following the meeting of the Ambassadors and permanent representatives of Turkey to international organizations, Russian state-owned TASS news agency reports.
According to the Minister, the sanctions imposed by the USA have no legal basis, contradict the world trade principles and undermine the rules …