Russia plans to abandon the dollar: how it will be

Suggestions for de-dollarization of the Russian economy are supported by President Vladimir Putin. This was stated by the head of VTB Andrei Kostin. In this case we are not talking about the complete rejection of the country from the US currency. Acceleration of this process has become relevant against the background of a possible tightening of sanctions against Russia.

Фото: Depositphotos

Earlier Kostin outlined his plan for avoiding the dollar. It includes four areas: the accelerated transition in the calculations of export-import transactions to other currencies, including the euro, yuan or ruble; re-registration of the largest holdings of the Russian Federation in the Russian jurisdiction; transition to the placement of Eurobonds through the Russian depositary; licensing of all participants of the stock market on the principle of uniform rules of work, writes Moneytimes.ru.

The main risks associated with the bill, which was submitted to the Congress in August. According to the bill, the White House may soon impose sanctions against the state debt and the largest state-owned Russian banks, which will lead to a ban on settlements in dollars and completely paralyze the financial system.

The Ministry of Finance also supported the proposal Kostin. The main idea is to seriously reduce the use of the dollar as part of business turnover, but it is not planned to introduce a complete ban on operations with dollars. The head of the Ministry of Economic Development, Maxim Oreshkin, also noted that he supports many proposals of the head of VTB.

Pavel Samiev, General Director of the analytical agency BusinessDrom, in an interview Tsargrad commented on Russia's refusal of the dollar, pointing out a number of key points.

Earlier, the press secretary of the Russian President Dmitry Peskov explained that the process of de-dollarization of the Russian economy cannot be short-term, recalling that Vladimir Putin had previously spoken about the need to expand the practice of using the national currency - the ruble - in settlements with partners. The head of state also spoke about reducing the share of the dollar in the total volume of international payments.

In an interview with Tsargrad, Pavel Samiev, director general of the analytical agency BusinessDrom, explained how Russia would refuse the US currency, pointing out three key points.

Фото: Depositphotos

According to the expert, first you need to evaluate the impact of the dollar “For internal settlements between counterparties in Russia or settlements with some partners in those countries where it would be possible to switch to settlements in other currencies”. Including the ruble.

As for minimizing the share of the US currency, the expert confirms: the process is really long-term.

“The task is global, strategic, for the long term,” explains the specialist, noting that it is also necessary to “reduce the share of the dollar in terms of investments of Russian investors, depositors, and the share of foreign currency deposits.”

Samiyev draws attention to the fact that this should be done not by prohibitions and some protective measures, but “through incentives, through the right economic policy.”

“So that Russian investors and depositors are interested in buying Russian assets in rubles, not foreign currency deposits, but ruble deposits,” the expert explained, especially noting that there should not be something that constantly “puts pressure on our economy "

According to the expert, some progress has been made.

The second point to pay attention to is foreign assets.

And we are not talking about a ban on the acquisition of foreign assets by Russian investors.

“These are just private investors who buy portfolios and securities from other countries. There shouldn’t be such a ban,” Samiev emphasizes. — This is the free movement of capital. This is one of the foundations of a normal market economy.”

It is especially important in this vein, as the expert believes, to make Russian assets more attractive, to create incentives, "so that the Russian market would give more investment opportunities."

The third key point is the use of the dollar in international payments.

“In general, the goal is to achieve greater diversification in terms of different world currencies,” Samiev explains, adding that we are also talking about acquiring more weight for the ruble and actively using it.

But the question of international de-dollarization depends, as the expert believes, not only on us, on the desire of Russian economic and financial regulators.

“Because the status of a world currency, a reserve currency, and use in international payments is a complex issue,” the specialist gives his assessment and clarifies: “It is unlikely to abandon the dollar in the near future. But we need to gradually move from the dollar to other currencies, including the ruble, of course.”

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