The Expert Told How Long It will Take Russia to Abandon the Dollar
OREANDA-NEWS. Avoiding dollar payments for Russia is possible and will require about 4-5 years, all the conditions have already appeared for this. This is what Maxim Shein, chief investment strategist at BCS World of Investments, told RIA Novosti.
Earlier, Russian Deputy Foreign Minister Alexander Pankin in an interview with RIA Novosti said that the decrease in the predictability of US policy casts doubt on the reliability and convenience of using the dollar in mutual settlements. According to him, the tendency to reduce the use of the dollar in mutual settlements for trade operations has become an objective reaction to the current geopolitical reality.
Maxim Shein said in this regard: “The issue of avoiding dollar settlements has been repeatedly raised in recent years, but for the first time it has been announced as an official rate. In fact, Russia has announced the beginning of building a settlement system without using the US currency. This will take a significant amount of time, not less than 4-5 years, because in fact it is necessary to change many of the business, trade and banking practices that have been formed for decades."
The expert named the conditions that create the basis for Russia to move away from the dollar peg: "reserves of gold have been accumulated to secure the ruble, investments in assets denominated in dollars have been reduced, the level of public and private debt in dollars has been reduced, its own payment system has been launched, there is a desire for trading partners. to move away from the dollar, and there was also a reason - tough statements by US President Joe Biden - to activate this whole process. "