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Russia not renouncing dollar as universal reserve currency, Putin says

July 27, 15:51 UTC+3

Restrictions of settlements in dollars is a mistake made by the United States, according to Putin

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© AP Photo/Jon Elswick

JOHANNESBURG, July 27. /TASS/. President Vladimir Putin said that Russia does not renounce the US dollar as a universal reserve currency.

"Russia does not renounce the dollar as a universal reserve currency," the Russian leader said at a press conference following the results of the BRICS summit.

"We are not going to make any drastic moves, we are not going to renounce the dollar, we are using it and will use it as far as the financial authorities of the United States do not hamper the use of the dollar in settlements," Putin said.

He noted that the euro also can "more or less" claim the status of a universal reserve currency but "not in full".

"Therefore, we are quite aware of what the dollar represents today," the Russian president concluded.

Speaking about reserve currencies in general, Putin noted that some currencies can play the role of "regional reserve currencies." In a way, the Russian ruble is such currency in relation to the CIS countries or the countries of the EAEU (Eurasian Economic Union).

"But, in general, any national currency is so strong and good as the economy that is behind it is strong and good. Therefore, we must proceed from this fundamental factor," the Russian leader stressed.

"As for the dollar, we should minimize risks, because we see what is going on due to these sanctions, these actually unlawful limitations. We are aware of these risks and are trying to minimize them," Putin said.

He drew attention to the fact that not only Russia but many other countries are also concerned about the problem of the dollar as a universal reserve currency.

"A lot of countries state that it is necessary to expand the possibilities of global financing, the world economy and to create new reserve currencies. That will make the world economy and world finances more sustainable," the head of the Russian state said.

Restrictions of settlements in dollars

Restrictions of settlements in dollars is a mistake made by the United States, according to Putin.

"As far as our US partners and restrictions introduced by them are concerned, including for settlements in dollars, I believe this is a major strategic mistake of our US partners," the Russian president said.

"They [the US] thereby undermine confidence in the dollar as in the reserve currency," Putin noted.

"Just recently, several years ago, nobody would have thought of using these tools in political struggle, in the sphere of political competition," the Russian leader noted. "Everybody assumed that politics is the politics… or, as the joke goes, you can postpone a war but never a lunch. It was the same here. Contradictions were contradictions but certain things have been absolutely stable and intact. It turned out that this was not so," the Russian President said. "Payment systems are used as a political argument when resolving contradictions, and the currency is used," Putin noted.

"In my opinion, this inflicts damage to the dollar as to the global reserve currency and undermines confidence," he added.

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