Putin's pledge to ditch the dollar is slowly being fulfilled

Section:

By Andrey Biryukov
Bloomberg News
Saturday, August 3, 2019

Russia is acting on a pledge by President Vladimir Putin to shrink the role of dollar in international trade as tensions sour between Washington and Moscow.

The shift is part of a strategy to "de-dollarize" the Russian economy and lower its vulnerability to U.S. sanctions. But while the central bank was able to quickly dump half of its dollar holdings last year, progress in trade has been slow due to ingrained use of the greenback for many transactions.

... Dispatch continues below ...



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The share of euros in Russian exports increased for a fourth straight quarter at the expense of the U.S. currency, according to central bank data. The common currency has almost overtaken the dollar in trade with the European Union and China and trade in rubles with India surged. The dollar's share in import transactions remained unchanged at about a third.

"There's been a strong incentive to change, not just for Russia but for its trading partners too," said Dmitry Dolgin, an economist at ING Bank in Moscow. "The European Union is also now facing trade pressure from the U.S." pushing them to try to reduce dependence on the dollar, he said. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-08-04/putin-s-pledge-to-dit...

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