Going To Dollarization Is Still Going On! Russia's Next Target Is Aimed At Energy Trading

Russia’s efforts to de-do dollarization are still going on, and their next goal is energy exports. “We have a very good currency, it is very stable. Why not use it for global transactions?” Russian Economy Minister Maxim Oreshkin said in an interview with the Financial Times recently. He said: "We hope to sell oil and gas in the form of rubles at some point. This will not incur excessive costs. If a broad financial infrastructure is established and the initial cost is low, why not?" Bo's data, although Russia's annual trade with the United States accounts for less than 5% of the country's total of 687.5 billion US dollars, but more than half of the trade depends on the US dollar. But US sanctions now often delay Western business dealings with Russia because they must check with the US whether these transactions are allowed. Russia’s largest oil company has abandoned the dollar in new oil deals, and this is just the beginning. Reuters further summarized the latest statement of the Russian Minister of Economy, "In view of the popularity of Russian domestic bonds among foreign investors, Russia will be able to sell its energy export products in local currency." Although ultimately Moscow will not completely abandon the US dollar, especially On the oil front, but Putin’s desire to abandon the dollar is a trend that will continue to be realized given the rapid improvement in alternative currency trading infrastructure. (Source: Sina Finance - from the media synthesis / gold headlines)