US sanctions undermine confidence in dollar: Putin in China

In televised comments during a visit to China, Putin said such sanctions were illegitimate unless approved by the U.N. Security Council. He said they were also counter-productive for the United States and demonstrated its “stupidity”.

“They are completely devoid of common sense,” Putin told reporters.

He said the United States was “sawing the branch they are sitting on” because its actions were undermining confidence in the dollar and causing countries to reduce the share of dollars in their reserves.

Putin said a solution was possible to the difficulties in Russian-Chinese payment settlements but did not say what it would entail.