Moscow to Intensify Work on Cutting Dependence on Dollar as Payment Currency

Monday, August 7, 2017
By Paul Martin

Russian Deputy Foreign Minister Sergey Ryabkov said on Monday that Moscow plans to intensify work to reduce dependence on US payment systems.

MOSCOW (Sputnik) – Russia will work to cut its dependence on the dollar as payment currency, Ryabkov said Monday.

“We of course will intensify work linked to import substitution, reduction of some dependence on US payment systems, the dollar as payment currency and so on. This is becoming a necessity,” Ryabkov told the International Affairs magazine.

Speaking in an interview with Sputnik Radio on Monday, Ryabkov said that the United States uses its dominance in the monetary and financial system to put pressure on foreign business, including that of Russia.

“For Europeans, the US actions are a sign of largely unfair competition on the part of America, which uses its dominance in the international monetary and financial system and the system of international payments, the specifics of its legal system, where extraterritoriality is prioritized, to put pressure on business anywhere. On the Chinese business, on European business, on Russian — on any,” Ryabkov said.

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