Putin: 'The Petrodollar Must Die'

On mission to reduce global role of U.S. currency

WND

JEROME R. CORSI

NEW YORK – Russian President Vladimir Putin has once again declared “the petrodollar must die,” leaving no doubt he is on a mission to reduce the importance of the U.S. dollar as a measure of international oil trade.

Reuters reported Thursday that Putin, in a visit to the newly annexed Crimea, said Russia should aim to sell its oil and gas for rubles globally, because the dollar monopoly in energy trade was damaging Russia’s economy.

“We should act carefully,” Reuters quoted Putin as saying. “At the moment we are trying to agree with some countries to trade in national currencies.”

At the same time, economics blog ZeroHedge.com is reporting Russia’s Gazprom has a lock-hold on Europe at least until 2016, the earliest date commercial shale gas production in Europe will be of sufficient quantity to make an impact on the continent’s energy market.

According to Treasury Department records, Russia in March sold off one-third of its U.S. Treasury debt holdings. Russia reduced its U.S. Treasury holdings from $153 billion in March 2013 to $100.4 billion in March 2014. The most recent numbers remain at a reduced level, with Russia holding $111.4 billion in U.S. treasuries in May 2014, compared to $143.4 billion in May 2013.

The Russian sell-off of U.S. Treasury debt has been widely interpreted as reflecting Moscow’s adverse reactions to economic sanctions the Obama administration imposed on Russia as punishment for taking over Crimea and threatening military involvement in Ukraine.

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