Putin Speaks out Against Petrodollar, US Dollar as World Reserve Currency

In a speech at the St Petersburg International Economic Forum, Russian President Vladimir Putin reaffirmed his position regarding the US dollar and it’s international role.

President Putin accused the US government of seeking to “extend its jurisdiction to the whole world.”

The global economy is changing and “this requires an adaptation of international financial institutions, the role of the dollar has to be revisited, it used to be the world reserve currency but now it has turned into a tool of the issuing country that it uses to pressure the rest of the world,” Putin said.

Russia has been preparing a gold backed cryptocurrency to use as an alternative to the dollar as a global trade settlement. Russia’s central bank has nearly half a trillion dollars in gold reserves.

The SPIEF session was attended by President of China Xi Jinping and UN Secretary-General António Guterres, among other high level political officials from around the world.

 

 

Photo: “dollar bill” by Stock Catalog is licensed under CC BY 2.0

 

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