Russia: It has become necessary to abandon the US dollar and the euro in our dealings

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Russian Deputy Foreign Minister Alexander Pankin said on Saturday that it has become necessary to abandon the dollar and the euro and switch to alternative currencies in his country’s trade dealings with its partners.

Bankin said in an interview with the Russian “TASS” news agency, that the dollar and the yo-yo had become “harmful” amid the increasing Western sanctions.

He pointed out that the only way to ensure the stability of trade, economic and investment relations between Russia and its partner’s lies in “avoiding the use of these currencies, and switching to acceptable alternatives, especially local currencies”.

The Russian diplomat explained that the current global financial system, which was established by Washington, “is not commensurate with the conditions of a multipolar world order,” and that it has become “a tool for achieving political goals for a group of countries”.

“It is encouraging to see many countries considering the need to move away from the dollar in foreign economic activity to ensure their sovereignty,” he added.

After being a target of Western sanctions with the start of the war on Ukraine on February 24, Russia was able, through the policies of the Central Bank, to restore the strength of its local currency, the ruble.

While the exchange rate of the dollar before the Russian-Ukrainian war amounted to 76 rubles, the Russian currency fell by March 8 to 150.

However, the policies of the Russian Central Bank and the Ministry of Finance pushed the ruble up to reach the level of 52 against the dollar by the end of last June, the highest level for the Russian currency in 7 years.

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