10/2/2018, 1:01 PM (Source: TeleTrader)
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Putin backs plan to reduce Russia's dollar dependence

Russian President Vladimir Putin "generally" supported the so-called "dedollarization" plan designed to limit Russia's exposure to future United States sanctions by moving away from transacting in the US currency internationally, chief executive of Kremlin-owned bank VTB Andrei Kostin (pictured left) stated on Tuesday.

According to the plan announced by Kostin last month, Russian companies would do business internationally using roubles, euros and Chinese renminbi instead of the dollar, even though they wouldn't completely abandon the US currency. The proposal would also encourage Russian firms to delist from foreign stock exchanges and relist domestically, as well as motivate them to clear government eurobonds and trade precious metals in Russia.

The plan already gained support from Russia's finance ministry and central bank, while Putin's spokesman stated that the president is a longtime supporter of the idea, but warned its realization will be "very lengthy and scrupulous."

Breaking the News / FH