Can Russia stop using the US dollar? | Financial Times:
President Vladimir Putin’s government says it is working on plans to de-dollarise Russia’s $1.6tn economy and wean its biggest industries off the US currency, following four years of US sanctions against the country and its expectation of new restrictions.
The US Senate is considering proposals, aimed at penalising Russia for alleged US election interference and international aggression, that would in essence cut off Russia’s biggest banks from the dollar and deny Moscow access to foreign debt markets.
US sanctions have in effect have barred Russia’s defence industry and some of its largest corporate groups from using the greenback, and have dramatically reduced the ability of the country’s big oil and gas players to borrow in dollars.
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