The monopoly of the dollar as a world reserve currency is a danger for many countries, according to the Russian President Vladimir Putin. He expressed his intention to strengthen the economic sovereignty of Russia, so that the country will become less dependent on the dollar.
In his first appearance after his inauguration, Putin said that in the past Russia had been naive to think that other countries would stick to the rules of the World Trade Organization, while those rules are increasingly being violated by some to put certain countries under pressure. Putin’s remarks are translated and placed under the video.
“With regard to the idea that we have to get off the dollar. In principle, I agree with that. This is not only about independence from the dollar, but also about the need to strengthen our own economic sovereignty. And that is absolutely true.
In the past decades Russia has acted somewhat naive, hoping that will be adhered to the stated principles in the field of world trade and economy. Now we see that the rules of the World Trade Organization (WTO) are often violated, that restrictions are for political reasons, which are called sanctions. And that new sanctions are introduced to secure a competitive advantage. How else to explain the decisions in the area of aluminum and metallurgy?
That is why Zyuganov [Russian politician] is right. We must increase the level of economic sovereignty of Russia. But that is not so easy. Oil is traded on the stock exchange in dollars. Certainly, we think about what we have to do to free us from this burden.
Moreover, our partners are helping us by introducing all these unlawful trstrictions and violating principles of the global trade, because the whole world sees the dollar monopoly is unreliable. It is dangerous for many, not only for us. Our gold reserves and foreign exchange reserves are undergoing diversification and we will continue to do so. However, this is a very sensible and gradual operation. We will continue to work in this direction.”