The US dollar is becoming an unreliable tool for payments in international trade, Russian Finance Minister Anton Siluanov stated in an interview.
The minister did not rule out the possibility to use national currencies instead of the dollar in oil trade.
“I do not rule it out. We have significantly reduced our investment in US assets. In fact, the dollar, which is considered to be the international currency, becomes a risky tool for payments,” he noted.
READ MORE: Ruble Falls to Multi-Month Lows Against Dollar, Euro Amid News of US Sanctions
Siluanov also pointed out that the government has no plans to shut American companies in Russia.
“Currently, we do not plan any restrictive measures or closures, for example, to close McDonald’s, as these companies employ our citizens,” he said.
Earlier in August, Russian ruble sank to multi-month lows on Moscow Exchange (MOEX) after the news about new US sanctions against Russia over the alleged poisoning of former Russian intelligence officer Sergei Skripal and his daughter Yulia in the UK’s Salisbury.
According to media reports, the first package will imply a complete ban on the export of electronic devices and dual-use components to Russia, the second package may include a decrease in the level of diplomatic relations, a ban on flights of Russia’s Aeroflot carrier to the United States and almost complete suspension of US exports.
In addition, controversy around the dollar has been stirred up by a major financial spat between the US and Turkey. Following US President Donald Trump’s announcement on doubling tariffs on steel and aluminum imports from Turkey, the exchange rate of the Turkish lira reached the all-time low, collapsing by more than 16 percent to the US dollar.
President Recep Tayyip Erdogan called lira’s tumble a “currency plot” and announced Ankara’s readiness to refuse dollars and euros in the country’s trade with its partners.