De-Dollarisation at Its Best: EU and Russia Reportedly Agree to Ditch Greenback in Bilateral Transactions

De-Dollarisation at Its Best: EU and Russia Reportedly Agree to Ditch Greenback in Bilateral Transactions

BATTLE FOR WORLD / SPUTNIK NEWS | June 14, 2019: The article highlights that a decision was made a few days after Russian President Vladimir Putin slammed the US dollar as a tool of pressure while speaking at the St. Petersburg International Economic Forum (SPIEF).

Russian Finance Minister Anton Siluanov and Maros Sefcovic, vice-president of the European Commission for the Energy Union, both have agreed to setup a working group that deals with transitions using the rouble and euro in bilateral payments, the Russian media outlets reported, citing Siluanov’s spokesman, Andrei Lavrov.

The Russia-EU agreement comes on the heels of remarks by Russian Economy Minister Maxim Oreshkin, who told Bloomberg TV last week (first week in June) that the greenback was gradually losing its share in the world market:

“China, Turkey and other major partners are increasing their share in euro, as well as Europe. The dollar is gradually and inevitably losing its share in the world market. This concerns not only Russia, but the whole world as well”, he said on the side-lines of the St. Petersburg International Economic Forum (SPIEF).

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