June 26, 2024

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Putin: We have put an end to the toxic dollar and euro – 40% of our trade volume is in the ruble

Putin: We have put an end to the toxic dollar and euro – 40% of our trade volume is in the ruble

Russia will seek to increase the share of settlements carried out in the currencies of the BRICS countries

Finally seeking to put it on dollarIn the euro, But also other currencies of unfriendly countries in relation to Russia’s trade transactions President Vladimir Putin.
In particular, Putin said at the International Economic Forum in St. Petersburg that “Russian-friendly” countries deserve special attention, because they will determine the future of the global economy – and already constitute three-quarters of its economy. Trade volume.
As he pointed out, Russia will seek to increase the share of settlements carried out in the currencies of the BRICS countriesIn the Economic Alliance for Emerging Markets, which includes Brazil, Russia, India, China and South Africa.
“Nearly 40% of the country’s commercial turnover is now in rubles, with a declining share of the dollar, euro and other unfriendly Western currencies.” The Russian President noted.
According to Putin, payments for Russian exports in so-called “toxic” currencies of “unfriendly countries” have halved over the past year.
“Somehow the share of the ruble in import-export transactions reached almost 40%.”
In addition to the above, the Russian President presented a program to reform the local financial market.
Among other things, he presented plans to double the value of the Russian stock market by the end of the decade, reduce imports and boost investment in fixed assets.
It should be noted that the Kremlin seeks to benefit from the Saint Petersburg International Economic Conference to build new relations with countries in Asia, Latin America and Africa.
It is mentioned that The West has sought to isolate Russia’s $2 trillion economy from the international financial community in response to Moscow’s invasion of Ukraine in February 2022.
However, the latter is expected to grow faster than all advanced economies.
In its April World Economic Outlook, the IMF said Russia would grow by 3.2% in 2024, exceeding the US’s expected growth rate of 2.7% (2.7%).
Germany, France and the United Kingdom are expected to record economic expansions of less than 1%.
Russia says Western sanctions on its vital industries have made it self-sufficient, and that private consumption and domestic investment remain resilient.
Continued oil and commodity exports to countries such as India and China, as well as alleged sanctions evasion and high oil prices, have allowed Moscow to maintain strong oil export revenues.

The sanctions are a fiasco for the West

Sanctions have become one of the main drivers of economic growth in Russia, Finance Minister Anton Siluanov said at the St. Petersburg International Economic Forum (SPIEF).
“Why did it happen so quickly (because Russia has become the fourth largest economy in the world in terms of GDP Based on purchasing power parity? I believe that sanctions are responsible for everything,” he said, adding that the economic development process had “accelerated.”
According to the World Bank’s revised estimate of GDP in purchasing power parity terms in 2024, Russia was the fourth largest economy in the world in terms of GDP in purchasing power parity terms.
The Saint Petersburg International Economic Forum (SPIEF) will be held from June 5 to 8.
This year’s theme is “Shaping new areas of development as the cornerstone of a multipolar world.”

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