Putin: Russian Economy Won’t Be Dominated by ‘Dollar Dictatorship’

Friday, November 14, 2014
By Paul Martin

SputnikNews.com
14.11.2014

Russia is leaving the dictatorship of the market where oil goods are based on the dollar and won’t back down in face of a drastic drop in world prices on energy resources, Russian President Vladimir Putin said Friday.

MOSCOW, November 14 (Sputnik) – Russia plans to leave the “dollar dictatorship” of market oil prices and turn to using the country’s national currency and the Chinese yuan, Russian President Vladimir Putin said Friday.

“We are leaving the dictatorship of the market where oil goods are based on the dollar and will increase the possibilities of using [other] national currencies: the ruble and the yuan,” Putin said in an interview with the Russian state news agency TASS.

On a November 9 meeting on the sidelines of the APEC summit Putin and Chinese President Xi Jinping discussed the possibility of using the yuan in transactions in fields of mutual cooperation.

Putin said in his Monday speech at the Asia-Pacific Economic Cooperation (APEC) summit in China that accounting in the ruble and yuan will most likely weaken the dollar’s influence on the global energy market.

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