Russian Finance Minister Considers Dumping Dollars And Move Borrowing To BRICS

On Sept. 20, Russian Finance Minister Anton Siluanov spoke at an investment conference in Sochi and stated that due to the continuing sanctions being imposed upon Russia, Russian businesses, and Russian business leaders, the Eurasian state should consider dumping all reserves or debt denominated in dollars, and transfer their financial programs to nations within the BRICS coalition. In fact, this shift in monetary policy was echoed earlier in the day by Prime Minister Dmitry Medvedev who announced that Russia, along with all other nations, should be trading in their own national currencies and outside the scope of a dollar controlled reserve currency. Both Finance Minister Siluanov and Prime Minister Medvedev were outlining monetary policy changes that might become an option in the coming days should economic sanctions from the U.S. and European interests create more downside to the Rouble and Russian economy. And with more and more trade agreements being signed between the nations involved in the BRICS coalition, sooner rather than later may be the timeline for a complete shift away from dollar denominated assets and debt.

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