US Sanctions Push Russia Closer to Abandoning the Dollar — Deputy FM Sergei Ryabkov
Q: You’ve talked about the Russian economy not being in tatters, but you are emerging from a recession. Can Russia really afford to do this with the US as its third largest trading partner?
Ryabkov: I think we can, and I think also every single step that people—on the Hill in particular—take to make our lives more difficult brings us closer to the moment when we will develop all sorts of alternatives to the US financial system, to the dollar reserve currency system, the dollar-based reserve currency system, to all sorts of areas where the whole world and not just Russia is dependent on very frivolous actions on the part of the US.
And I should say: You undermine confidence in your system altogether.
We wrote yesterday about how the new sanctions against Russia will ensure the end of the US dollar's primacy; Moscow's energy deals with Beijing already bypass the dollar, and there is a growing list of initiatives and policies already in place that Russia is using to distance itself from dollar dependence.