Deputy Chairman of the Security Council Dmitry Medvedev, in an interview with leading media, including Lente.ru, described the consequences of a possible ban on transactions in dollars for Russian banks.
“In relation to the dollar, the situation is as follows. We have long been pursuing a course towards a more balanced currency basket, towards a more balanced system of reserves, which means that the number of dollars in the total volume is decreasing. Now it is, in my opinion, about 20 percent, about 30 percent is the euro, about 20 percent is the yuan, and some other currencies: the pound sterling, the yen, and so on. And gold, of course,” Medvedev said.
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According to him, it is necessary to carry out a redistribution in the structure of the Central Bank’s gold and foreign exchange reserves. The ban on the circulation of the euro, according to Medvedev, can be compensated for by operations in yuan. “If there are decisions on the euro, there is the yuan. This is a new, very promising, given the size of the economy of the People’s Republic of China, a reserve currency. I don’t know who will lose more from this. A system that issues dollars or euros? They also understand very well that in this case we will simply support the Chinese economy to a greater extent and lower their economies. Who benefits from this is a matter of taste,” Medvedev said.
He is also sure that the introduction of restrictions will not affect the convertibility of the ruble: “This convertibility is primarily associated with trade. If our goods, oil, gas are bought – and they will be bought anyway – then convertibility is ensured. That, in fact, is all.”
Earlier, on the first anniversary of his reign, US President Joe Biden spoke about a ban on transactions in dollars for Russian banks, as a possible restrictive measure in the event of Russia’s invasion of Ukraine.
In an interview with leading Russian media, the Deputy Chairman of the Security Council answered questions regarding the COVID-19 pandemic, international security, the situation in Ukraine and other topical issues.
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