Russia speeds up dumping the dollar from economy

One of Russia’s largest banks, VTB is seeking to decrease the share of US dollar transactions at home as locals are choosing the Russian ruble over the greenback.

“There is one interesting thing I wanted to highlight. Since the beginning of this year, people seem to be less interested in making dollar deposits or taking out dollar loans, compared to ruble-denominated deposits and loans. We believe this to be an important step towards the de-dollarization of the Russian finance sector,” said VTB head Andrey Kostin at a Kremlin meeting with President Vladimir Putin.

According to Kostin, VTB experts have drafted a package of proposals designed to further promote the ruble in international settlements. I think that we need to create our own financial tools. This would serve as an additional safeguard for the Russian financial sector against external shocks, and would give a new impetus to its development,” Kostin added….

Russia dumps half of its US Treasury bonds

Russia has held a major selloff of US Treasury bonds, dumping some $47bn-worth of papers and momentarily dropping six places on a list of major foreign holders of US securities, recently released statistics for April have shown.

In just one month, Russia proceeded to sell $47.4 billion out of the $96.1 billion the country had in US treasury bonds in March. The latest statistics released by the US Treasury Department on Friday showed that, in April, Russia had only $48.7bn in American assets, occupying 22nd place on the list of “major foreign holders of Treasury securities.”

Americans are in dire need of taking a cue from the russians and creating their own financial tools before the “fed’s” fake money falls out from under us.   Otherwise the foreign dollars that are increasingly flooding back home will be traded for real assets (real estate, resources) at firesale prices by desperate americans, who will be left with trainloads of worthless paper and nothing else.   It will be the biggest bargain basement discount sale in history.

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