Russian President Vladimir Putin has said the process of removing the dollar from the global economy is “inevitable” as his country faces “financial and technological aggression from some countries”.
Addressing the Russian cabinet on Monday, Putin suggested discussing the country’s budget for the next three years.
“There are disputes about what to pay more attention to, where to direct more funds or (if better) to save more and create a ‘safety cushion’, how to create it under new conditions and what is a ‘safety cushion’ under modern conditions, when we have a well-known and inevitable process of de-dollarization,” the president said.
Moscow accelerated dedollarization when the US Treasury Department decided to confiscate Russia’s foreign exchange reserves, after Putin ordered a military offensive in Ukraine in February.
Since then, Russia has been under severe sanctions. In turn, Russia downgraded or cut off gas supplies to Europe, triggering an energy crisis there.
Putin said Moscow confidently faced external pressure, which he called “financial and technological aggression from some countries”.
He noted that the government has promptly implemented effective protective measures and launched mechanisms to support key industries, enterprises forming the system, as well as small and medium enterprises.
All the measures, he said, are aimed at preventing “a sharp decline in the economy“.
Putin said responsible macroeconomic policy in previous years had paid off in times of crisis, and now the state of Russia’s budget was much better than that of the economies of the world’s 20 richest countries (G20) and BRICS countries and therefore it was necessary to follow this line further.
In order to reduce its dependence on a global financial system dominated by the United States and its Western allies, Moscow initiated a policy prohibiting the use of the United States dollar in transactions on the Moscow Stock Exchange, the largest Russian financial services market.
Source: Agencies (edited by Al-Manar English Website)