Russia, facing more U.S. sanctions, seeks to de-dollarise its economy

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The Russian government seeks to turn its back on the U.S. dollar in its economy, while the U.S. plans serious new sanctions that could cut Russia’s access to foreign debt markets.

French news agency AFP reported on Tuesday, November 6, that Washington announced that it was preparing new sanctions against Moscow over the Skripal poisoning in Britain, after August sanctions made the ruble fell to its lowest level against the dollar in nearly two years.

U.S. law requires the State Department to introduce further sanctions three months after its initial determination of the use of chemical weapons unless a country proves it has reversed course on chemical and biological weapons.

Russian President Vladimir Putin is still denying Russian involvement in the attempted assassination. Meanwhile, Russia’s finance ministry and the central bank are soon expected to present measures to increase the use of other currencies in international trade to Prime Minister Dmitry Medvedev.

Moscow, affected by EU and U.S. sanctions since 2014, has already made its own system for financial transactions to help protect itself from a potential prohibition from using international bank system SWIFT.

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