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Russia aims to cut dependence on US payment systems

Published: August 7, 2017
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Source: The Hill

 

Russia is reportedly working to cut back its dependence on U.S. payment systems and the use of the American dollar as a settling currency, signaling the Kremlin is taking further retaliatory measures in response to new U.S. sanctions.

"We will, of course, intensify work related to import substitution, reduction of dependence on U.S. payment systems, on the dollar as a settling currency and so on. It is becoming a vital need," Deputy Foreign Minister Sergei Ryabkov said Monday, according to a Reuters report that cited the RIA news agency. 

The report comes after Secretary of State Rex TillersonRex Wayne TillersonTillerson avoids contact with North Korean envoy Top Russian official: US, Moscow ready to have further dialogue following sanctions Tillerson, Russian foreign minister meet in Manila: Interfax MORE and his Russian counterpart, Foreign Minister Sergey Lavrov, had their first bilateral meeting following the Russia sanctions bill that President Trump signed into law last week.

Trump reluctantly signed the bipartisan measure into law Wednesday. The legislation, which had a veto-proof majority in Congress, slaps new sanctions against Russia while also limiting the president's ability to lessen those sanctions.

The new U.S. financial penalties come in response to Russia's military actions in Ukraine, where it is supporting armed separatists, and its meddling in the 2016 U.S. presidential election.

Russia called the measure a "fully fledged trade war" and issued its own retaliatory response: demanding the reduction of U.S. diplomatic personnel by 750 by Sept. 1 and planning to take over diplomatic property previously used by the U.S.

The news wire's report of Russia moving away from U.S. economic systems is a sign of further steps Russia is taking in response to the sanctions.

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