Here is the Voice of Russia’s commentary on the petro Dollar.
Russia vows to switch to other currencies over US sanctions threat – Glazyev
Russia can dodge any proposed US sanctions by switching to other currencies and creating its own payment system, Putin’s economic advisor Sergei Glazyev said Tuesday. A senior Kremlin official has denounced Glazyev’s remark on US-Russia economic ties, calling them "a personal opinion" inconsistent with the Kremlin stance.
This comes amid US threats to pile sanctions on Russia over its stand on the Ukrainian coup. US Senate is currently debating possible measures against Moscow.
Senator Christ Murphy, the chairman of the Senate’s Europe subcommittee, said lawmakers were considering such options as imposing sanctions on Russia’s banks and freezing assets of Russian public institutions and private investors.
Sergei Glazyev told reporters today Russia would have to switch to other currencies to curb its dependence on the United States.
"We have wonderful economic and trade relations with our Southern and Eastern partners," he emphasized. "We will find a way not just to eliminate our dependence on the US but also profit from these sanctions."
Sanctions imposed by the US against the Russian government institutions will force Russia to recognize the impossibility of loans repayment to the US banks, Presidential Aide Sergei Glazyev said.
"If sanctions are applied against state structures, we will be forced to recognize the impossibility of repayment of the loans that the US banks gave to the Russian structures. Indeed, sanctions are a double-edged weapon, and if the US chooses to freeze our assets, then our equities and liabilities in dollars will also be frozen. This means that our banks and businesses will not return the loans to American partners," he said.