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Published on Gold Anti-Trust Action Committee (http://gata.org)

Putin says he wants to break with the dollar but dumps euros instead

By cpowell
Created 2018-05-10 20:21

By Anna Andrianova
Bloomberg News
Thursday, May 10, 2018

Squeezed by ever-expanding U.S. sanctions, Vladimir Putin says he wants to dump the dollar. His central bank has been doing just the opposite.

In comments to lawmakers on Tuesday after his inauguration for a record fourth term as president, Putin said a "break" from the U.S. currency is necessary to bolster Russia's "economic sovereignty," especially in light of recent penalties and what he called politically motivated restrictions on trade.

... Dispatch continues below ...



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The numbers tell a different story. According to the central bank's latest data, the dollar's share in its international reserves climbed to nearly 46 percent in 2017 from just over 40 percent the previous year. Meanwhile, the euro accounted for almost 22 percent, sliding from more than 32 percent in 2016 and as high as 43.8 percent in 2009. The stockpile was at $459.9 billion in April, the highest since 2014.

Putin doesn't have much to show for years of decrying the "dollar monopoly" that allows the U.S. to act like a "parasite" on the global economy. Now he has to contend with a deepening standoff with the U.S. after the latest round of sanctions in April ripped through Russia's currency and stocks and cut off a major company's access to Western financial markets. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-05-10/putin-wants-to-break-... [2]


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Source URL:
http://gata.org/node/18231