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Russia’s Putin Drafts Bill to Dump Dollar, Euro from CIS Trade

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Russia’s Putin Drafts Bill to Dump Dollar, Euro from CIS Trade

By Press TV
Global Research, September 02, 2015
Press TV 1 September 2015
Region: Russia and FSU
Theme: Global Economy

 

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Russian president Vladimir Putin has proposed a bill to the country’s legislature to eliminate the dollar and the euro from trade between member states of the Commonwealth of Independent States (CIS).

A statement from the Kremlin said that Putin submitted to the State Duma a draft federal law which seeks an integrated currency market in the CIS.

“This would help expand the use of national currencies in foreign trade payments and financial services and thus create preconditions for greater liquidity of domestic currency markets,” said the statement.

 

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Russian President Vladimir Putin (AFP photo)

Russian officials say they seek to drop the dollar and the euro from their exchanges with former Soviet Union countries to achieve macro-economic stability in the region. They say using Western currencies could seriously increase the risks associated with trade especially at a time when the United States and its European allies are in a political row with Moscow over the situation in Ukraine.

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The presidents of Russia (2ndR), Kyrgyzstan (3rdR), Kazakhstan (5thR), Belarus (2ndL), Uzbekistan (L) and Tajikistan (4thL) attend a meeting of the heads of the Commonwealth of Independent States (CIS) at the Kremlin in Moscow on May 8, 2015. (AFP Photo)

Russia has managed to move ahead with its plans to weaken the dollar through deals it has reached with some other countries. Members of the Eurasian Economic Union (EEU) - including Russia, Belarus, Armenia and Kazakhstan - have already signed an agreement to switch to their national currencies. One such obligatory transition must take effect between 2025 and 2030.

China has also decided to use the Russian ruble in trade exchanges in its border cities.

 

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I tell so many people that this is coming and none can believe it.

I simply do not understand how so many people cannot see what is happening right in front of their eyes.

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Putin is a shark, and we have a minnow in our white house !

Think of it, carrier experience,.... head of the KGB, or a community leader, who would you bank on ????

Just saying........

Time to,.... Get Out .....

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I see it brothers and sisters. I see it coming. I just do not think that thes countries can eliminate the velocity the USD has inside these countries. China will fall if they do this to their biggest trade partner. As will every other country that has the USD in their reserves. I currently see this as Russian grand standing since we have effectively devalued their ruble for them by sanctioning them for the war crimes they are doing in Crimea and the Ukraine.

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I see it brothers and sisters. I see it coming. I just do not think that thes countries can eliminate the velocity the USD has inside these countries. China will fall if they do this to their biggest trade partner. As will every other country that has the USD in their reserves. I currently see this as Russian grand standing since we have effectively devalued their ruble for them by sanctioning them for the war crimes they are doing in Crimea and the Ukraine.

I ask,are we still their biggest trade partners?

Because I work in usable commodities and I can tell you, people

ain't buying nothing.

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I have another question. If Russia moves ahead with this plan won't that lower the valuation of the ruble? and that of the "independent" countries? Since it will severely slow the use of their money to the number of people using the ruble or independent countries (former Soviet satleite countries) money for trade purposes. Limit it to the countries that sign the agreement with this CIS?

 

The whole idea behind a basket of world currencies anyway is that countries doing trade can request payment in any of the included currencies. I see what ya'll see LGD. Shouldn't Russia and the other CIS countries implement policies that reflect the policies of the IMF in order to eventually be included in the basket of world currencies? What is Russia going to do, not sell oil or gas to any country that won't work with the CIS basket of funds? Umm, isn't that at least part of the reason why Saudi Arabia, Iraq and the U.S. are flooding the world market with oil anyway? To isolate Russia and putz with their economy via their oil based economy? ... and the onesided U.S. based sanctions against Russia for their nation building efforts in the Ukraine? Our sanctions have been very effective to that end; so far.

 

If you ask me, conspiracy theory here. Russia is doing this to actually tie up and undermine the economies of these former Soviet countries by flooding their countries with Russian ruble. Competing with the native currency to ultimately weaken them to the point that Russia will take them over, economically and on paper. Giving birth to the new and improved Soviet Union of Independent States. Putin declared that he will see the re-emergence of the Russian Empire or something.

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And then there is this article that speaks to the G20 recognzing the need not to devalue member currencies. So, if both articles are true clean reporting, which side of his mouth is Putzin talking out of? What is his real play? I still fall back on his trying to take over the countries that signed his CIS agreement without firing a shot.

 

U.S. Treasury official: G20 sees need to 'double down' against devaluation

yota691 - Today, 04:10 AM


Read more: http://dinarvets.com/forums/#ixzz3ksESo8dd

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