• 605 days Will The ECB Continue To Hike Rates?
  • 606 days Forbes: Aramco Remains Largest Company In The Middle East
  • 607 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,007 days Could Crypto Overtake Traditional Investment?
  • 1,012 days Americans Still Quitting Jobs At Record Pace
  • 1,014 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,017 days Is The Dollar Too Strong?
  • 1,017 days Big Tech Disappoints Investors on Earnings Calls
  • 1,018 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,020 days China Is Quietly Trying To Distance Itself From Russia
  • 1,020 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,024 days Crypto Investors Won Big In 2021
  • 1,024 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,025 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,027 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,028 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,031 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,032 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,032 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,034 days Are NFTs About To Take Over Gaming?
Russia Considers Nationalizing Foreign Businesses

Russia Considers Nationalizing Foreign Businesses

The Russian government is reportedly…

China Is Quietly Trying To Distance Itself From Russia

China Is Quietly Trying To Distance Itself From Russia

Western sanctions against Russia are…

  1. Home
  2. News
  3. Breaking News

Russia Willing To Adopt Euro For International Trade

Euro bill

Russia is prepared to use the euro instead of the dollar for international trade if the European Union takes a position against new U.S. sanctions on Russia, according to the Russian Minister of Finance Anton Siluanov. He made these remarks during the annual St. Petersburg International Economic Forum (SPIEF) in May.

“As we see, restrictions imposed by the US partners are of an extraterritorial nature… If our European partners declare their unequivocal position [against the expansion of sanctions], we certainly see a way out in using the European currency, the European infrastructure organizations for financial settlements, for payments for goods, services, which often fall under various kinds of restrictions.”

The minister said that Russia is not only prepared to using the euro as a means of payment in international trade, but that Russia is also promoting the use of its own currency. For example, in recent years the country has developed its own version of the international SWIFT payment system, which was being promoted by the governor of the Russian central bank during the St. Petersburg Economic Forum.

Euro as a world trade currency

In 2010, Russian President Putin already indicated that he is willing to cooperate with Europe in money policy. Two years later, Medvedev said in an interview that Russia welcomes the euro as an alternative world currency next to the dollar. Due to the developments in Ukraine and the subsequent Western sanctions, politicians on both sides remained silent for some time, but very recently Putin once again expressed his dissatisfaction with the dollar monopoly.

In the past Russia has repeatedly expressed its intention to cooperate with Europe to reduce their dependency on the dollar. With the latest developments concerning the unilateral breakup of the Iran deal by the United States and the arrival of new sanctions on Iran, it becomes clear that too much dependence on the dollar system also entails a political risk.

By Frank Knopers via Geotrendlines.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment