Russia Ukraine War: Russia to reduce share of dollar in international settlements

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Russian President Vladimir Putin attends a meeting with members of the Presidential Council

Highlights

  • The Russian economy almost permanently exists in conditions of increased sanctions risks
  • Russia has the necessary margin of safety to adjust its own financial policy, Russian FM said
  • Russia is facing multiple sanctions from around the world ever since its invasion in Ukraine

Under the sanctions, the Russian economy is pursuing a policy of reducing the use of the dollar in domestic and international settlements, and is also moving to alternative capital markets to Western ones, said the Director of the Department of Economic Cooperation of the Russian Foreign Ministry Dmitry Birichevsky, RT reported

“The Russian economy almost permanently exists in conditions of increased sanctions risks. We proceed from the fact that the domestic market and foreign economic relations of the country are gradually adapting to changing circumstances,” Ria Novosti quoted him as saying.

Birichevsky added that Russia has the necessary margin of safety to adjust its own financial policy, and also soberly assesses the risks of sanctions.

“Reducing the use of the dollar both in domestic international reserves and in external settlements, shifting attention to alternative capital markets to Western ones … are key elements of the Russian economic policy,” said a Russian Foreign Ministry spokesman.

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