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West 'shooting itself in the foot' with currency constraints on Russia — Putin

Meanwhile, the head of state noted that using the ruble only benefited Russia

MOSCOW, December 14. /TASS/. Western countries are "shooting themselves in the foot" by keeping Russia from using dollars and euros, Russian President Vladimir Putin said at the combined Direct Line Q&A session and year-end press conference.

"We are not abandoning (the dollar or the euro - TASS), it is that we have been hampered with settlements in foreign currencies. By the way, [they are] shooting themselves in the foot again. Why do they make it harder [for us to use the] dollar and the euro as universal currencies, primarily, the dollar, of course?" Putin asked rhetorically.

The president recounted that Russia used 87% foreign currencies, the dollar and the euro, in servicing its exports in 2021, with the share of the ruble and the yuan standing at 11-13% and 0.4%, respectively. "The situation in September was like this: the ruble accounted for 40%, the yuan for 33%, while the aggregate use of the dollar and the euro dropped to 24%," he said.

Meanwhile, using the ruble only benefits Russia. "The more we use our national currency in settlements, the better, as this enhances our sovereignty and our capabilities," the Russian leader explained.