U.S. Dollar and Euro Axed in Russia. The first of many currencies to fall.Thursday, 29 October 2015 12:20 IAWritten by Posted By Editor
We were warned that the day would come. Well it has begun!
Moscow 28 Oct, 2015 10:38
Russian President Vladimir Putin blasted the government for turning a blind eye on US dollar payments in the domestic oil trade.
"Settlements in foreign currencies are now prohibited by [Russian] law. Currently, fees for shipment of oil products and crude oil in the Russian ports of Novorossiisk, Taman, Ust-Luga, Kozmino, Primorsk and others – are either directly priced in US dollars, or denominated in US dollars on online trading systems, practically in real time,” stated the President.
“This is, of course, unacceptable. It directly contradicts current legislation. Additionally, The U.S. Dollar will not be used in International Trade". continued Putin.
"We need to seriously consider strengthening the role of the ruble in settlements; this also includes Russian fuel and energy products. We also need greater use of national currencies in transactions with the countries which are our active trading partners,” the President added.
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