President Putin: "America made a big strategic mistake"
(Baonghean.vn) - In a speech on October 3 at the Russian Energy Week Forum in Moscow, President Vladimir Putin said that the US's imposition of sanctions worldwide and "abuse" of the USD was a "big and typical" mistake, and warned that this strategy could have consequences.
President Putin commented: "The United States seems to be making a big strategic mistake", saying that Washington is undermining the world's confidence in the US dollar, which is currently considered a global financial instrument.
The Russian president said the US seemed to have ignored the scenario of possible negative consequences and continued its sanctions strategy. However, Mr. Putin stressed that Washington would sooner or later face the consequences of this action.
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| Putin says Washington is undermining world confidence in the US dollar |
Russia is making efforts to de-dollarize, reducing the role of the US dollar in Russia's financial sector, in the context of the two countries' relations facing a number of tensions.
VTB Bank President Andrey Kostin said that the idea of de-dollarization of the Russian economy has been actively discussed in Russia recently due to Washington's increasingly tightening sanctions against Moscow.
In May, President Putin said Russia could no longer trust the US-dominated financial system since the US imposed unilateral sanctions and violated World Trade Organization (WTO) rules. Putin said the US dollar monopoly was unsafe and dangerous for the global economy.
The Russian government also emphasized that it will not completely abandon the role of the USD, but at the same time will seek ways to reduce the economy's dependence on the US currency./.
