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3 Apr, 2022 10:17 / Home / Business News

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‘Sanctions games’ weaken dollar and

euro – Kremlin
The switch to national currencies in cross-border settlements has begun
and there is no stopping it, Russian president's spokespman says

The prestige of the US dollar and the

euro has been “greatly shaken” by anti- Russia tells EU to 'sober up'
Russia sanctions, which now drive more
and more countries to switch to national
White House refuses to rule out pardon for Hunter
currencies in settlements with foreign
Biden
partners, according to Dmitry Peskov,
press secretary of the Russian President
Vladimir Putin. Russia considers Ukraine a ‘hostile’ country –
Kremlin
“Indeed, against the backdrop of these
thug-like sanctions games, the prestige Gold-backed ruble could be a game-changer
of the dollar and the euro has been (INTERVIEW)
shaken, most importantly, [the role of]
© Getty Images / SERSOL the dollar as the main reserve currency,”
Peskov said in an interview with Belarus- First EU country stops buying Russian gas
24 TV channel.
EU has ‘sanctioned itself’ – UK ex-diplomat
The Kremlin representative drew attention to the fact that more countries are turning to national currencies in
their mutual settlements.
No way NATO will deploy troops to Ukraine –
“This process is now at its initial stages, but it is no longer Germany
possible to stop it,” the o icial stressed, adding that the entire
Bretton Woods system “that allowed America to be at the top Finland can join NATO without referendum –
of the economic pyramid of the world for many decades… is president
now beginning to erode.”
READ MORE: Gold-backed ruble
The Bretton Woods System created a collective international
could be a game-changer
currency exchange regime, requiring a currency peg to the US
(INTERVIEW)
dollar which was in turn pegged to the price of gold. It Subscribe to RT newsletter to get news
e ectively made the US dollar the world’s main reserve highlights of the day right in your mailbox
currency. But now, according to Peskov, this system “will be
completely washed away” as countries “transfer relations to national currencies, and this practice will
E-mail
expand.”
We o er you the possibility to receive RT's news highlights
According to Peskov, the world will only pro t from the fact that this mechanism is changing.
every Monday, Wednesday and Friday by email.

“There are a lot of options here, and this is all a prototype of the future economic system, the formation of
which we are now witnessing,” he noted. Subscribe

Although settlements in national currencies existed before,

they were not widespread. However, last month a number of
Western states, including most of the EU and the US, placed
sanctions on Russia in retaliation for its military operation in RT Features
Ukraine, launched in February.

As part of the sanctions packages, much of Russia’s foreign

READ MORE: Anti-Russia sanctions assets were frozen, while the country was also cut o from the
may weaken the US dollar – IMF SWIFT interbank messaging system, which jeopardized
Russia’s ability to make settlements with foreign partners in
euros and dollars. In response, Moscow last week announced
that it is changing payment mechanisms for exports to ‘unfriendly’ states that slapped Russia with sanctions,
starting with natural gas. Buyers now must set up ruble accounts in Russian banks, so that payments to
Russian gas suppliers can be made in Russia’s currency, the ruble. Apart from that, Russia has been in talks
with a number of its foreign partners, including India and Turkey, proposing to set up payment mechanisms
in their respective national currencies in order to evade the dollar and the euro, whose reliability is now
Ruling the ice with an iron st: The story of Russia’s
compromised.
rst hockey enforcer FEATURE
Peskov said these steps are just the beginning of a broader change. While for now Russia is only changing
the payment procedure for its natural gas exports and only with countries deemed ‘unfriendly,’ the move itself
creates a precedent and can be mirrored in other sectors and with other partners.

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By sanctioning Russia, the EU has sanctioned itself

– Alastair Crooke (E1122)

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