Putin supports the plan to stop using the US dollar in Russia
The head of the Russian bank VTB Andrey Kostin stated that the Russian President Vladimir Putin “mostly” supported his proposal to stop using the US dollar, RIA Novosti reports.
We do not intend to completely abandon the dollar, said Kostin. According to him, the proposal recommends a gradual transition to transactions in other national currencies, for example, between the countries of the Eurasian Economic Union and in specific areas such as weapons.
“This is a long-term plan and is aimed more at changing a global tendency than being a spur of the moment one-time decision. I think this will take at least five years, probably. Changes need to be made, small steps taken at least with new contracts for the future. I do not think that we have to review everything right away. I hope the situation will not be that critical,” stated the banker.
Kostin’s plan includes changing to other currencies (euro, yuan or ruble) when dealing with foreign countries in import-export operations, moving the legal addresses of the largest Russian holdings to a Russian legal jurisdiction, as well as avoiding the Euroclear system when placing Eurobonds and using a Russian equivalent instead.