Bitcoin News and Finance
Russia to Increase Reliance on National Currencies in Energy Trade, Vows to Move Away From the US Dollar Skip to main content

Russia to Increase Reliance on National Currencies in Energy Trade, Vows to Move Away From the US Dollar

russia settlement national currencies dollar euros

Russia will increase its reliance on national currencies to settle payments for its energy resources, moving away from the US dollar, according to Russian Deputy Prime Minister Alexander Novak. Novak noted there is a great interest in acquiring Russian energy resources, leading Russia to accept more currencies for these settlements.

Russia Aims to Settle Energy Trades Away From the U.S. Dollar

Russia is gradually moving to the use of national currencies, such as the Chinese yuan and the Russian ruble, to settle energy trades, moving away from the U.S. dollar. Alexander Novak, Russian deputy prime minister, stated that this trend of adopting national currencies accelerated due to the sanctions enacted by Western nations as a consequence of the Russia-Ukraine conflict.

In a TV interview given to a Russian network, Novak stated:

The trend has changed very much to less use of dollars or euros. Given the current problems in settlements with these currencies, in our settlements we are moving only to national currencies, the yuan is in demand here, the ruble is in demand.

Furthermore, Novak clarified that China was already making payments for gas and oil in Chinese yuan and Russian rubles. Novak also explained that the country was open to receiving other currencies in this kind of settlement.

Escaping the Dollar

These measures would allow other countries to access the Russian energy market, letting them pay with currencies other than the U.S. dollar and the euro. Novak clarified that despite sanctions, there was still a great interest from other countries in acquiring these energy resources, having to settle transactions in national currencies.

The ultimate goal of the Russian government looks to be the abandonment of the dollar and the euro in the future. However, a report issued recently by analysts at the Bank of Russia indicates this change is “hardly possible” without making changes to the structure of foreign trade.

Nonetheless, Russia is currently advancing in the establishment of several trade agreements with countries like India and Iran, to create payment systems that facilitate alternate settlement routes.

BRICS, the G7 alternative bloc comprised of Brazil, Russia, India, China, and South Africa, is also preparing to discuss the issuance of a bloc-wide currency at the next BRICS leaders’ summit to be held in South Africa next August, per reports of Russian officials.

What do you think about the movement of Russia towards national currencies in settlements? Tell us in the comment section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory