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| Version 0 | Version 1 |
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| Dumping the dollar: Russia gets ready to shift currency liquidity to the euro | Dumping the dollar: Russia gets ready to shift currency liquidity to the euro |
| (3 months later) | |
| Russian authorities are planning to shift the nation’s currency liquidity from the US dollar to the euro, the country’s Finance Ministry announced on Monday. | Russian authorities are planning to shift the nation’s currency liquidity from the US dollar to the euro, the country’s Finance Ministry announced on Monday. |
| “Our number one goal is to turn Russia into a euro-oriented country, thus to replace the dollar with the euro,” said Dmitry Timofeev, head of the department of external restrictive measures control at the Russian Finance Ministry. | “Our number one goal is to turn Russia into a euro-oriented country, thus to replace the dollar with the euro,” said Dmitry Timofeev, head of the department of external restrictive measures control at the Russian Finance Ministry. |
| The official noted that Russia has every reason for the move, adding that the government is preparing a wide range of incentives for businesses to transition to the European single currency. | The official noted that Russia has every reason for the move, adding that the government is preparing a wide range of incentives for businesses to transition to the European single currency. |
| “Since we are a market economy, we cannot just order: stop using dollars,” Timofeev said, though he added that some state-owned corporations might be forced to shift. | “Since we are a market economy, we cannot just order: stop using dollars,” Timofeev said, though he added that some state-owned corporations might be forced to shift. |
| “We need to develop the necessary tools in a single package to move the entire economy further away from the dollar, which, in fact, will allow us to avoid sanctions and make the world more democratic,” he added. | “We need to develop the necessary tools in a single package to move the entire economy further away from the dollar, which, in fact, will allow us to avoid sanctions and make the world more democratic,” he added. |
| The announcement comes days after Russian Finance Minister Anton Siluanov said that the National Wealth Fund would reduce its share of dollars to zero within the next month. | The announcement comes days after Russian Finance Minister Anton Siluanov said that the National Wealth Fund would reduce its share of dollars to zero within the next month. |
| Meanwhile, Russian Deputy Prime Minister Alexander Novak warned that Russia may soon be tempted to move away from dollar-denominated crude contracts if the US administration continues to pile up targeted economic sanctions. | Meanwhile, Russian Deputy Prime Minister Alexander Novak warned that Russia may soon be tempted to move away from dollar-denominated crude contracts if the US administration continues to pile up targeted economic sanctions. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |
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