Western nations were chastised by Russian President Vladimir Putin for their imposition of sanctions that restrict Russia’s ability to use their currencies. According to Putin, these sanctions have negative effects on the economies of the countries imposing them. Putin pointed out a substantial decline in the use of the dollar and euro for Russian exports, dropping from 87% in 2021 to only 24% by September 2023 as a result of these restrictions. At the same time, he observed a sharp increase in the use of the Russian ruble and the Chinese yuan, which together made up 73% of export transactions.
From Putin’s viewpoint, the restrictions imposed by the West have the unintended consequence of strengthening Russia’s dependence on its own currency, which he believes enhances the nation’s independence. He noted that Russia isn’t completely eliminating the dollar and euro, but rather adapting to the challenges brought about by foreign currency settlements prompted by external factors.
Regarding the Russian ruble, Putin stressed its floating exchange rate, indicating its susceptibility to economic variables like export prices and domestic demand. He expressed confidence that most factors influencing the currency are controllable and predicted a normalization of the situation.
Overall, Putin asserted that the West’s sanctions have backfired by propelling Russia toward greater use of its national currencies, a shift he views as advantageous in terms of bolstering the country’s economic independence. He remains optimistic about the adaptability of Russia’s economy in the face of these challenges.
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