Russia To Cut Dependence On U.S. Dollar, Payment Systems

 

Quoted by Reuters, Ryabkov said that “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.” The reason for that is that “the US is using its dominating role in the monetary and financial system to impose pressure on foreign business, including Russian companies.”

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Iran And China To Build Oil Terminal In Persian Gulf

News outlets in China and Iran have been reporting that the two nations have agreed to a joint venture in the Persian Gulf. The project is an oil terminal that will be constructed on Qeshm Island in the southern part of the Gulf. Continue reading

Banks in Moldova lend $1 billion to mysterious beneficiaries and cripple economy

THE disappearance of more than $1 billion from three Moldavian banks has nearly crippled the tiny former Soviet country’s economy, and its people wants answers.

The huge sum of money accounts for nearly 20 per cent of Moldova’s banking system in terms of assets, and represents an eighth of its entire gross domestic product, according to Reuters.

The case of the missing money only came to light after the Central Bank of Moldova found that three banks had given out loans totalling more than $1 billion. Continue reading

‘Someone Was Expecting Collapse of Russian Economy’- Putin

ST. PETERSBURG (Sputnik) – Russia’s economy has not collapsed over Western sanctions as some wished and the peak of difficulties is in the past, Russian President Vladimir Putin said Monday.

“We were lacking $160 billion and last year our businesses and banks were to extinguish their current loans of a total of $130 billion before their foreign partners this year, plus another $60 billion. It looks like someone was expecting some sort of a collapse,” Putin told upper house lawmakers in St. Petersburg. Continue reading

The Russian banking sector is about to implode

(REUTERS/China Daily)Hundreds of Russian banks have no choice but to close down, merge or be acquired by larger rivals as a result of mismanagement, experts told Bloomberg.

The country has more than 820 lenders, a staggering number of which have a high ratio of bad loans on their balance sheets. Many will soon disappear.

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Russian Central Bank voids Standard & Poor’s, Moody’s, Fitch ratings

What happens when a nation in retaliation refuses to recognize a universally accepted standard ratings agency? Stay tuned. Pandora’s box has been opened on yet another front. Full-blown economic warfare is in full motion.

 

The Central Bank of Russia will no longer use credit ratings from Standard & Poor’s, Fitch, or Moody’s that were assigned after March 1, 2014.

All credit ratings given to Russian companies and banks will now be at the discretion of the Board of Directors of the Bank, according to a press statement Monday. The regulator will assess whether or not the ratings made after March are accurate.

“According to the Bank of Russia Board of Directors’ decision, the rating date for credit institutions and their issued financial instruments, including securities, to implement Bank of Russia regulations, shall be 1 March 2014; as for other entities, listed in the ordinance, and their issued securities, this rating date shall be 1 December 2014,” the press release said. Continue reading

“De-Dollarization” Deepens: Russia Buys Most Gold In Six Months, Continues Selling US Treasuries

The rumors of Russia selling its gold reserves, it is now clear, were greatly exaggerated as not only did Putin not sell, Russian gold reserves rose by their largest amount in six months in December to just over $46 billion (near the highest since April 2013). It appears all the “Russia is selling” chatter did was lower prices enabling them to gather non-fiat physical assets at a lower cost. On the other hand, there is another trend that continues for the Russians – that of reducing their exposure to US Treasury debt. For the 20th month in a row, Russia’s holdings of US Treasury debt fell year-over-year – selling into the strength.

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Banking crisis in Russia will be massive — Sberbank CEO

MOSCOW, January 14. /TASS/. The banking crisis in Russia in the current economic situation will be massive, CEO of Russia’s largest lender Sberbank German Gref said on Wednesday. Continue reading

Sanctioned Russian banks begin testing national payment system next week

“What sanctions?” is how Russia laughs off Western punitive measures while creating its own alternative system. Much like the attack on Russian oil and gas, the West is shooting itself in the foot here as well. Iran and the sanctions against it in the previous 10 years have also been a prime example of plans backfiring. Iran, a third world economy, has no bottom — and plenty of other needy customers such as China who would be more than welcome to take Persian oil.

 

“The pilot project involves SMP Bank and Rossiya Bank, those for which the story is very critical and important. These are quite large banks,” the head of the Russian National payment system (NPS) Vladimir Komlev said in an interview with Rossiya 24 TV.

The move comes as a part of Russia’s ambitious initiative to move away from the Western dominance of its financial markets. Last month the Russian Central Bank said it would have its own international inter-bank payment system, an alternative to the global SWIFT network up and running by May 2015. Continue reading

EXPOSED: Vladimir Putin’s secret plot to RULE Europe

Europe is already a lost continent if you’ve learned that socialism is a bridge to communism. Now all Putin’s doing is reigning it in.

 

German intelligence sources claim the country’s only mildly-eurosceptic party, Alternative for Germany (AfD), is being wooed by Russian agents as part of the campaign “to construct a network of right-wing populism in western Europe.”

According to BILD, Moscow’s Centre for Strategic Communications has drafted the blueprint for the covert operation under the title: “Putin: the new leader of international conservatism”.

Part of the Kremlin strategy includes acquiring gold dealerships through front companies to support parties friendly to it.

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Russia may ban circulation of US dollar

The State Duma has already been submitted a relevant bill banning and terminating the circulation of USD in Russia, APA’s Moscow correspondent reports. Continue reading

Russia braces for crippling US sanctions as Ukraine turns deadly

A continued escalation could mean a further and more serious step towards debasing the petro-dollar, which would in turn break the backbone of the American economy.

Deadly clashes in eastern Ukraine and warnings of broader US sanctions against Russia have sent tremors through Moscow’s financial markets and forced the country to cancel a sovereign debt auction yet again.

Russia’s RTS equities index fell to a one-month low, with Gazprom and Sberbank both down 3.5pc in volatile trading. Russia’s treasury pulled a 20bn rouble (£330m) bond auction intended to test the waters, saying there were no buyers at an acceptable cost. Yields on 10-year Russian bonds have jumped to 9.17pc.

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Russia warns could ‘reduce to zero’ economic dependency on US

A grave mistake is to think that this can’t happen or won’t happen, or that the Russians don’t have the capability. China and Russia have both publicly expressed their unity against the USA and the EU after engineering the chaos running through the Ukraine at this moment. Previously they’ve always been united behind scenes, but as they both grow and advance militarily, economically and politically they can be out in the open about it — especially now that they have been given cause.

China has also previously threatened the ‘nuclear option’ on the US Dollar. For additional information, read the following article: China threatens ‘nuclear option’ of dollar sales

The USA, which is drunk off its own power, becoming more corrupt daily and rotting from within might have to face a grave and sobering reality — and sooner rather than later. America is not untouchable.

Europe also faces the same fate as the Heizung can be turned off at any given moment. You’ll also likely see a united Europe like never before as a result, unlike America where its current administration keeps drawing a new line in the sand each time it back-peddles.

Moscow (AFP) – Russia could reduce to zero its economic dependency on the United States if Washington agreed sanctions against Moscow over Ukraine, a Kremlin aide said on Tuesday, warning that the American financial system faced a “crash” if this happened.

“We would find a way not just to reduce our dependency on the United States to zero but to emerge from those sanctions with great benefits for ourselves,” said Kremlin economic aide Sergei Glazyev.

He told the RIA Novosti news agency Russia could stop using dollars for international transactions and create its own payment system using its “wonderful trade and economic relations with our partners in the East and South.”

Russian firms and banks would also not return loans from American financial institutions, he said.

“An attempt to announce sanctions would end in a crash for the financial system of the United States, which would cause the end of the domination of the United States in the global financial system,” he added. Continue reading

‘No Losses’ in Cyprus – Russia

MOSCOW, April 17 (RIA Novosti) – Russian state-controlled and private companies have not sustained any losses due to the financial crisis in Cyprus, Prime Minister Dmitry Medvedev said on Wednesday.

That refers to all “state structures and even a significant number of private companies,” he said in his address to the lower house of the Russian parliament, the State Duma. Continue reading