Russian lawmaker predicts fate of US dollar

Sanctions pursued by Washington are making the currency useless to Russia

Russia will have no use for the US dollar in the foreseeable future, according to the head of the State Duma Financial Market Committee, Anatoly Aksakov.

The lawmaker explained that Western sanctions against Russia make it impossible for the country to purchase many American and European goods, which “makes their currencies useless.”

“Maybe, no one will need the dollar at all because of such American policies. And the ruble will be in demand. We are already selling gas for rubles. The President [Vladimir Putin] recently signed a decree allowing payments of foreign debt in rubles. We don’t need dollars if we can’t spend them,” Aksakov said.

Earlier this week, President Putin signed a decree establishing a temporary procedure for sovereign debt repayments. The bond-payment procedure mirrors the ruble scheme proposed by Moscow for sales of Russian gas in response to sanctions imposed by many Western states.

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