Of course I support this Russian move in its entirety – it’s pretty much common knowledge that to truly hurt America, you need to strike at its wallet.
Still, it’s rather sad that our Slavic friends have had to resort to this despite the victory of a man who promised for two years that he would try to befriend Russia and drop the war mongering and saber rattling.
And I don’t know about everyone else, but I remember these things come Election Day – do we right now have anything motivating enough to get us to vote this November?
I mean, what would be the difference if we sent a few more GOP cucks into Congress?
Russia will definitely respond to Washington’s latest sanctions and, in particular, it is accelerating efforts to abandon the American currency in trade transactions, said Deputy Foreign Minister Sergei Ryabkov.
“The time has come when we need to go from words to actions, and get rid of the dollar as a means of mutual settlements, and look for other alternatives,” he said in an interview with International Affairs magazine.
“Thank God, this is happening, and we will speed up this work,” Ryabkov said, explaining the move would come in addition to other “retaliatory measures” as a response to a growing list of US sanctions. Russian Energy Minister Aleksandr Novak recently noted that a growing number of countries are interested in replacing the dollar as a medium in global oil trades and other transactions.
“There is a common understanding that we need to move towards the use of national currencies in our settlements. There is a need for this, as well as the wish of the parties,” Novak said.
According to the minister, it concerns both Turkey and Iran.
“We are considering an option of payment in national currencies with them. This requires certain adjustments in the financial, economic, and banking sectors” to accomplish. Last week, the Kremlin said it is interested in trading with Ankara using the Russian ruble and the Turkish lira. India has also vowed to pay for Iranian oil in rupees.
The world’s second-largest economy, China, has also been taking steps to challenge the greenback’s dominance with the launch of an oil futures contract backed by Chinese currency, the petro-yuan. China and Iran have already agreed to stop using the dollar in global trade.
I guarantee you that right now, somewhere, a very unhappy merchant is switching from rubbing his hands together to slamming his fists on his desk.