Russian economy can do without the dollar and can be replaced by the euro or the yuan, according to Medvedev

GORKY, January 27. /TASS/. Russian Security Council Deputy Chairman Dmitry Medvedev believes the country can do without dollar payments if necessary, replacing them with euro or yuan payments.

“Yes, the absence of dollar payments can be replaced by euro payments if there are decisions on the euro, the yuan exists. It is a very promising new reserve currency given the scale economy of the People’s Republic of China,” he said. in an interview with Russian media, including TASS. “I don’t know who will lose more, the system that issues the dollar or the euro? They are also well aware that in this case we will simply support the Chinese economy more and let their economies sink. Who benefits? It’s a matter of taste,” Medvedev added.

Moscow has long pursued the line of a more balanced system of foreign exchange reserves, which suggests that the number of dollars in the total volume is decreasing, the politician explained. “Currently it’s around 20%, I think, the euro is around 30%, the yuan around 20%, the rest being other currencies, the pound, the yen, etc. And gold, of course,” he said, emphasizing that it’s about doing some redistribution within that basket.

Speaking about the convertibility of the Russian currency, Deputy Chairman of the Security Council Medvedev noted that there are no prerequisites yet for the ruble to become a reserve currency. “As far as the convertibility of the ruble is concerned, this convertibility is mainly linked to trade. If our goods, oil and gas are bought – and they will be bought anyway – then convertibility is ensured. That’s all”, a- he declared.

“Problems may still exist, but those problems can certainly be solved,” Medvedev stressed. “And there’s certainly no need to scare us again with these issues, these ‘awful’ penalties. All of that won’t work. And besides, I’m absolutely sure that the people who talk about it don’t really believe it. But it’s not going to work. t is a figure of speech, which is part of the political culture: “Let’s talk about it to do this ritual dance. And they perform it regularly,” he concluded.

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