MOSCOW, April 5 – RIA Novosti. Avoiding dollar payments for Russia is possible and will require about 4-5 years, all conditions have appeared for this, Maxim Shein, chief investment strategist of 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 on trade operations has become an objective reaction to the current geopolitical reality. settlement systems without the use of the US currency. This will take a significant amount of time (4-5 years), since in fact it is necessary to change many business, trade and banking practices that have been formed for decades, “Shein says.
“Now all the conditions have appeared for this: 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 of trading partners to leave the dollar, and there is also a reason (tough statements by US President Joe Biden) to activate this whole process, “the expert adds.
The Russian authorities have repeatedly pointed out that the United States, by its sanctions policy, undermines confidence in the dollar, reduces the investment of the country's reserves in the American public debt, and itself contributes to an increase in foreign trade in rubles and other currencies. At the same time, the Russian authorities assure that the policy of de-dollarization of the economy does not imply a ban on the circulation of the dollar – it is about creating economically beneficial conditions for the use of other currencies.