Economics
Russia Lays Plans to Cut Dollar Use Amid Sanctions Fears
- ‘Strategic line’ calls for use of other currencies in trade
- Efforts aim to stimulate alternatives, not restrict dollar
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Russia’s government is working on measures to stimulate use of alternatives to the dollar, as the Kremlin steps up efforts to cut dependence on the U.S. currency amid fears of new American sanctions.
The government is working on “reducing our economy’s dependence on the American currency, including through stimulating and the creation of mechanisms to shift foreign-trade settlements to national currencies,” according to a statement from the cabinet’s press service published on official news agencies Wednesday. The authorities have “no plans to give up dollar settlements, ban the circulation of the dollar or impose any other restrictions,” it said.