The Russian government wants to limit dependence on the US dollar

Şükriye Akdeniz

Oct 20, 2021

Russia considering partially replacing dollar reserves with digital assets

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The Russian Ministry of Foreign Affairs has announced that it is partially possible for them to replace the dollar, the currency used in both monetary reserves and trade deals, with digital assets soon.
In an interview with local news agency Interfax on Tuesday, Russian Deputy Foreign Minister Aleksandr Pankin reiterated the country's plans to reduce the share of the US dollar in Russia's international reserves and its use in deals with foreign partners. The senior diplomat said that they are trying to limit the impact of the US dollar on the domestic economy and foreign trade operations and reduce the risks of sanctions.
However, difficulties with these sanctions remain. According to Pankin's statement, Russia's deals with major trading partners need stable protection of the currency used.
The deputy of the country's Foreign Minister Sergey Lavrov considers it appropriate to further reduce the share of the dollar in Russia's foreign exchange reserves and its use in international settlements. Pankin explained that Russia could replace US fiat currency with other national and regional currencies, and possibly some form of a digital asset in the future.

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