Putin at VTB Investment Forum: Using Dollar as a Weapon Will Backfire SPECTACULARLY for the US
During his speech and while answering the questions from the floor, Vladimir Putin noted several times that Russia's economy is now absolutely stable and has adapted itself to the current external economic environment and shocks.
In addition, he noted that they've decided not to weaken the country's budgetary policy. They've managed to maintain the balance between revenue and expenditures. Of course, this stability is important to investors. Actually, this can be proved by a large number of people who have come here. Delegations from 63 countries, including Turkey, are here. A representative from Turkey asked why so many countries are now refusing settlements in dollars. Here's what the president answered.
Vladimir Putin: «We don't have a goal of abandoning the dollar. It's the dollar who is abandoning us. And those adopting such decisions are shooting themselves not in the leg, but a bit higher. That's because the instability in dollar settlements is prompting many of the world's economies to find alternative reserve currencies and create settlement systems independent of the dollar. It's not only us, trust me. We see what's happening in the world. Look at how the gold and foreign-exchange reserves of the USA's closest allies and other countries are shrinking. Dollar assets are shrinking. To make the global economy more sustainable and predictable, and to make settlements more efficient and to make settlements more efficient and reliable, we'll, of course, have to find alternative paths».