Russia will have no use for the US dollar for the foreseeable future, according to the head of the State Duma Financial Market Committee, Anatoly Aksakov.
The legislator explained that Western sanctions against Russia make it impossible for the country to acquire many American and European goods, which “makes your coins useless.”
“Perhaps no one will need the dollar at all because of such US policies. And the ruble will be in demand. We are already selling gasoline for rubles. President [Vladimir Putin] recently signed a decree allowing foreign debt payments in rubles. We don’t need dollars if we can’t spend them.” Aksakov dijo.
Earlier this week, President Putin signed a decree establishing a temporary procedure for payment of sovereign debt. The bond payment procedure mirrors Moscow’s proposed ruble scheme for Russian gas sales in response to sanctions imposed by many Western states.