Putin said the US is “killing the dollar”

Using the US dollar as an instrument of sanctions was Washington's mistake, President  Vladimir Putin said at a meeting with journalists from international news agencies. RBC broadcast.

“One of the colossal mistakes of the United States is that they prohibit the dollar in international payments and make it an instrument of some kind of struggle. Complete nonsense, they undermine confidence in the dollar,” he said.

Putin called the US position on this issue ridiculous. Washington is killing its currency with its own hands when it needs to “grit its teeth” to save the dollar, Putin noted. This forces other countries to switch to payments in national currencies, he added.

In recent years, a program for de-dollarization of the economy and foreign trade has been discussed in Russia against the backdrop of sanctions. However, Putin emphasized that Russia is not encroaching on the American dollar and would use it if given the opportunity. In December 2023, he said the West was “shooting itself in the foot” by limiting Russia’s ability to use dollars and euros. 

According to the Central Bank, in the first quarter of 2024 , the share of dollars, euros and other currencies of “unfriendly” countries in payments for imports in Russia amounted to 26.7%, for exports - 21.3%. Instead of these currencies, business began to use the ruble (share in imports - 35.9%, share in exports - 40.4%) and the currencies of “friendly” countries, which include yuan, dirhams, and rupees.