Europe recognizes Russia's 'locomotive' role in the fight against the USD
(Baonghean.vn) - In 2018, Russia became the main locomotive in the global de-dollarization process, as reported in June by the European Central Bank (ECB) on strengthening the role of the euro in the global economy.
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Russia has become a major driver in the global de-dollarization process. Photo: Getty |
The document emphasizes that the Bank of Russia did not wait for further sanctions and removed a significant part of the dollar amount from its reserves. The maximum volume was recorded in the second quarter - 100 billion euros.
Also last year, Russia had the highest number of securities denominated in non-standard currencies (i.e. all currencies except the US dollar and the euro).
Russia is also a major driver of the growth in euro banknote imports. Although the supply of euro banknotes outside the Eurozone has been decreasing since 2015, this trend reversed in 2018, partly due to increased demand in Russia. In total, Eastern European countries accounted for 26% of total euro banknote imports.
Earlier, Russian Deputy Foreign Minister Alexander Pankin said that Europe had begun to think about whether to switch to paying with Russia in euros. He said that such proposals were made at the level of the European Commission and interested Moscow./.
