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Time for de-dollarization of Russia until it was

Время для дедолларизации России пока не пришло

Recently in Russia, and then talks about the gradual de-dollarization of the country, reduce the dependence of the Russian economy and the entire financial system from the American national currency. As said the head of VTB Andrey Kostin, Russian President Vladimir Putin supported its initiative on de-dollarization of the economy.

Answering a question whether Putin approved the proposal of the head of VTB Russia de-dollarization, he said, “Yes”, although, as said Kostin, in this case we are not talking about a complete refusal of the us currency and the gradual move to settlements in national currencies in international trade, for example, to start within the EEU.

This process is long, it may take not so little time. The optimistic assessment Kostina, not less than five years, although many economists, including the head of Sberbank German Gref, confident that it will take decades.

According to Kostin, Russia needs to develop its financial markets and attract foreign investment.

“This plan absolutely long-term and focus more on changing trends of the world, than some immediate one-time decision,” – said the head of VTB.

With the position Kostina agree and press Secretary of the Russian President, Dmitry Peskov, also said that the process of de-dollarization lengthy and complex, although it has already been made, many countries have begun mutual settlements in national currencies.

“This is a very complex process. It is a process that cannot be short-term, it stretches over time, so it’s a very very long and meticulous work. But you know that the tendency to increase the volume of settlements in national currencies in different directions now occurs”, – said Peskov, noting that Putin himself has previously said that the practice of using the national currency needs to expand in calculations with foreign partners to reduce the dollar’s share in the total volume of international payments. Previously Peskov said that the plan for the abandonment of the dollar as the primary means of mutual settlements between the countries, carrying not only the countries of Asia.

On the necessity of de-dollarization of the country earlier, said the head of the Ministry Maxim Oreshkin, the head of Russian foreign Ministry Sergei Lavrov. Even the experts of Moody’s Investors Service, and those admitted that already began the process of reducing the use of the dollar in global trade, countries will gradually reduce the amount of dollars in their reserves.

Indeed, as noted by many economists, Russia did not need the headlong rush ahead of the engine in the direction of the refusal of the American currency, since the plan of getting rid of the dollar and all so well understood, but to implement it should be very cautious. As for Russia, it would be very foolish, abandoning the dollar, to sell Russian hydrocarbons at a loss. Even for the sake of this global goal – the Russian economy is not ready for it yet.

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