Eastern Europe News

Russia Has Drawn Up Plans To Ditch The Dollar

Image by Pixabay user Vovka
Commemarative coin 1 ruble / US-dollar, 1988

The Russian government has a new programme to reduce its dependency on the US dollar, which will be signed within two weeks by Prime Minister Dmitry Medvedev. The Bell was the first media outlet to report on the plan, citing three sources who are involved. The dollar will not be banned, but Russia is trying to reduce its role in international trade and create a financial infrastructure independent of the greenback. But it is a big question whether Russia can make this a reality, and whether it could ever be attractive for foreigners.

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At the moment, we only know what the plan is designed to achieve in general terms: it is aimed at reducing the share of the dollar in Russia’s cross-border payments. The goal is, over time, to convert transactions with Russia’s largest trading partners, China and the EU, into yuan and euros. For countries within the Eurasian Economic Union, the idea is to move contracts into rubles. Tax benefits are being considered for Russian exporters who pay foreign partners in rubles, according to Finance Minister Anton Siluanov. These exporters will also be allowed not to repatriate revenue, though, in all other cases, foreign currency denominated revenues must be transferred back to Russia…

To read more visit The Bell.

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