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Russia has no plans to reject the US dollar, even though Washington has undermined trust in its currency by using it as an argument in political disputes, Russian President Vladimir Putin said on Friday. “Russia is not rejecting the dollar … We are not planning to make any sudden moves,” Putin said, when asked if Russia plans to decrease its holdings of the US currency in its reserves.
Putin addressed the question on the dollar days after data showed Russia has ditched its holdings of US Treasuries in the past few months amid further deterioration of relations between Moscow and Washington.
“We have been using it and will use it to the extent the US financial authorities allow for,” Putin said about the dollar, speaking at a news conference at the BRICS summit in South Africa. Putin said, however, that Russia should minimise risks related to sanctions and “unlawful restrictions”.
Since 2014 Russia has been under financial and economic sanctions imposed by the West over Moscow’s annexation of Crimea and its role in the Ukrainian crisis. The United States has stepped up the sanctions to punish Moscow for its alleged meddling in the US election. Russia denies any interference.
With nearly $460 billion in state reserves, the Russian central bank has been increasing the share of gold and the Chinese yuan in its coffers amid risks of more sanctions that could target Russia’s ability to trade globally.
“We understand such risks and we are trying to minimise them,” Putin said, referring to risks of sanctions. Putin also said the United States “undermines trust in the dollar as the reserve currency” by imposing restrictions on settlements in dollars.
“This prompts dozens of countries consider other options,” Putin said, adding that the Chinese yuan is now obtaining more of the qualities required for the role of reserve currency.