Moscow – ‘The West has weakened the foundations of the global financial system. The US Dollar, the Euro, and Pound Sterling have lost their credibility in international transactions and investments and as traditional reserve currencies. Therefore, Russia and many other countries are turning to other currencies due to the policies of Western countries,’ Russian President Vladimir Putin claimed. Simultaneously, along with President Putin, Russian Deputy Economy Minister Ilya Torosov said, ‘The process of ‘de-dollarization’ in the Russian economy will accelerate greatly in the near future.’
The Eastern Economic Forum was organized in the city of Vladivostok, Russia. While addressing the conference, President Putin presented his stance on several issues, including the Russia-Ukraine war. “We are moving away from the unreliable and dangerous currencies of the world one step at a time. Not only Russia but the allied countries of the US are also reducing their savings and exchange transactions in Dollars. Statistics in this regard have also come forth,’ said Putin. At the time, he even supported China’s yuan currency.
President Putin has asserted that countries reducing their use of the Dollar are turning towards China’s yuan. Also, the Russian president pointed out that Russia’s leading energy corporation Gazprom had recently signed an agreement with China regarding transactions in Yuan and Ruble. Alexey Miller, the head of Gazprom company, confirmed the news of the deal. Accordingly, 50 per cent Ruble and 50 per cent Yuan will be used in energy transactions between Russia and China.
Meanwhile, Putin asserted that the Russia-Ukraine war did not harm Russia but benefited it internationally. “War with Ukraine has not and will not harm Russia even in the future. On the contrary, the process of Russia’s sovereignty has become faster and stronger. It will make Russia stronger internally. Everything that is unnecessary, harmful and hinders Russia’s progress will be rejected,” President Putin said. At this time, he also admitted that the Ukraine war had caused polarization in Russia and across the globe.
The Russian President also criticized the policy of sanctions imposed by the West. ‘Western elites are imposing sanctions on opposing countries to maintain their hegemony. The people in the countries that imposed these sanctions are also weary,’ Putin pointed out. President Putin also warned that Russia could not be isolated by imposing sanctions. At this time, Putin indicated that Russia would increase its cooperation with Asian and Middle Eastern countries.
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