Putin dismissed claims that Russia would abandon the U.S. dollar, downplayed BRICS currency ambitions, and emphasized the dollar’s global dominance.
Putin Discusses US Dollar Dominance and BRICS Common Currency
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Putin’s Take on US Dollar: Why Russia Isn’t Turning Away Yet
Russian President Vladimir Putin addressed speculation regarding Russia’s stance on the U.S. dollar during a speech at the Valdai Discussion Club in Sochi, clarifying that Russia is not looking to abandon its use. He was quoted by Tass as saying:
We — Russia in any case — do not reject the dollar and do not intend to do this. We were merely denied of using the dollar as the payment instrument
“In my opinion, this is very foolish from the side of U.S. financial authorities because the entire power of the U.S. to date rests on that, on the dollar,” the Russian president added.
Although Russia does not plan to stop using the dollar, Putin acknowledged that the country is exploring new financial mechanisms in response to global economic developments. These tools, he suggested, would align with emerging economic trends without directly challenging the dollar’s role.
Putin also commented on discussions of a potential shared currency among BRICS nations. He noted that the idea is premature, emphasizing that “it is early to talk about that and we do not have such objectives in between because in order to talk about a certain common currency, firstly, greater integration of economies should be achieved and, secondly, the quality of economies should be somehow lifted to a certain level so that these are very similar economies, comparably by quality, by the structure.”
Putin then highlighted the dollar’s global influence, stating:
The United States received for no apparent reason $12 trillion over the last decade, on account of issuing and giving.
He urged the U.S. to invest part of this financial benefit in addressing environmental issues: “Let you then share these revenues [from the dollar issue] falling out of the sky on you [the U.S.], if you are so concerned of the environmental situation.” Putin’s comments underline Russia’s complex stance on economic independence while recognizing the dollar’s enduring impact.
