Thursday, September 28, 2023

Russian Finance Minister Anton Siluanov has expressed his views on the perceived attack on the Russian economy through the U.S. dollar, highlighting the country’s efforts to sustain trade. Siluanov also emphasized the significance of fostering settlements in national currencies.

Finance Minister Anton Siluanov: ‘Russia Responds to Dollar’s Challenge’

Anton Siluanov, the Finance Minister of Russia, has discussed the country’s situation after facing severe restrictions on dollar-based transactions. Siluanov acknowledged that Russia had to explore alternatives to the dollar due to economic sanctions imposed by the U.S. government, which were a result of Russia’s involvement in the Russia-Ukraine conflict.

During an interview with CGTV, Siluanov stated:

“We are not challenging the dollar; the dollar has challenged Russia. Hence, we are seeking reliable alternative settlement mechanisms for our exporters and importers to ensure convenience, reliability, and mutual benefits in the foreign economic activities of our nations.”

To mitigate the impact of these challenges, Russia has pursued bilateral settlements using national currencies, notably with countries like China and Iran. In May, Russian Prime Minister Mikhail Mishustin revealed that 70% of settlements between Russia and China were conducted in national currencies.

Hadi Tizhoush Taban, the head of the Iran-Russia Joint Chamber of Commerce, reported that over 60% of bilateral trade between Russia and Iran was settled using the Russian ruble and the Iranian rial.

Debt Situation and the Imperative of De-Dollarization

Siluanov analyzed the recent bipartisan deal signed into law by U.S. President Joe Biden to suspend the country’s debt ceiling and highlighted how the U.S. national debt situation was a consequence of “poor economic policies.” He explained:

“The situation regarding default is not new. The U.S. is unlikely to allow a default, as it has the capability to print money and will do so as necessary. The issue lies in political regulations and whether the deficit and debt can exceed certain thresholds.”

Currently estimated at around $31.4 trillion, the U.S. national debt is substantially held by Japan and China. Siluanov asserted that the unstable internal economic situation in the U.S. underscores the importance of supporting the development of settlements in national currencies and the de-dollarization of trade markets.

Regarding this matter, Siluanov argued:

“We cannot predict the future behavior of these countries, the level of inflation, the extent of money printing, or whether they will reach agreements on debt ceilings.”

What are your thoughts on the statements made by Russian Finance Minister Siluanov? Share your opinion in the comments below.

Frequently Asked Questions (FAQs) about de-dollarization

What is the Russian Finance Minister’s perspective on the U.S. dollar attack on Russia?

Russian Finance Minister Anton Siluanov believes that it is the U.S. dollar that has challenged Russia, rather than the other way around. He emphasizes that Russia is seeking reliable alternative settlement mechanisms to ensure convenience, reliability, and mutual benefits for participants in foreign economic activities.

How has Russia responded to the challenges posed by the U.S. dollar?

In response to the challenges, Russia has turned to using national currencies in bilateral settlements with countries like China and Iran. This move allows them to reduce reliance on the U.S. dollar and maintain trade relationships. It has been reported that a significant portion of settlements between Russia and China, as well as Russia and Iran, are conducted using their respective national currencies.

Why does the Russian Finance Minister emphasize de-dollarization?

The Russian Finance Minister emphasizes de-dollarization due to the unstable internal economic situation in the United States and concerns about the U.S. national debt. Siluanov believes that supporting the development of settlements in national currencies can help mitigate risks associated with the dollar, such as inflation, excessive money printing, and uncertainty regarding debt-ceiling agreements.

What is the significance of developing alternative settlement mechanisms?

Developing alternative settlement mechanisms, such as using national currencies, is crucial for countries like Russia facing economic sanctions and restrictions on dollar-based transactions. It allows them to maintain trade relationships and reduce dependence on the U.S. dollar, promoting stability, reliability, and independence in international trade.

How does the U.S. national debt situation relate to the need for de-dollarization?

The U.S. national debt, currently estimated at a staggering amount, coupled with concerns about poor economic policies, creates uncertainty in the global economy. The Russian Finance Minister believes that the unstable situation in the U.S. economy underscores the importance of de-dollarization. By diversifying settlement currencies, countries can minimize potential risks associated with the U.S. national debt and the financial policies of other nations.

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JohnDoe21 June 8, 2023 - 3:51 am

Wow, it’s interesting to hear the Russian Finance Minister’s take on the dollar attack and their efforts to find alternatives. De-dollarization seems like a crucial step in mitigating the impact of economic sanctions.

EconGeek June 8, 2023 - 3:51 am

Siluanov’s points about the U.S. national debt situation and the potential risks associated with the dollar are worth considering. The use of national currencies for settlements could provide stability and independence in trade.

FinanceWhiz June 8, 2023 - 3:51 am

It’s no surprise that Russia is seeking alternatives to the dollar, given the economic sanctions imposed. The focus on bilateral settlements in national currencies could pave the way for a more diversified and resilient trade landscape.


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