Sunday, 27 May 2018

Russia Finance Minister: We Are Ready To Ditch The Dollar In Favor Of The Euro


The common theme here is that Trump's sanctions against Russia - with which he is supposedly colluding - not only work, but are very effective in achieving their goal. And they do so though the biggest weapon the US has: access to the world's reserve currency, because with one phone call to SWIFT, Trump can lock out an entire nation.

So what alternatives is Russia planning, aside of course from increasingly closer trade, financial and monetary ties to China, which renminbi many speculate is only a matter of time before it replaces the USD as the world's reserve currency?

Addressing precisely this issue, Russia's Finance Minister Anton Siluanov said at the St. Petersburg International Economic Forum that settlements in US currency could be dropped by Russia in favor of the euro. That said, Russia would only engage in such an unprecedented transition under one condition: if the EU takes a stand against the latest US sanctions on Moscow.
https://www.zerohedge.com/news/2018-05-24/russia-finance-minister-we-are-ready-ditch-dollar-favor-euro

[Posted at the SpookyWeather blog, May 27th, 2018.]

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