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Russian Bank Chiefs Take Aim At US Dollar
Al Jazeera ^ | June 9, 2014 | By Michael Pizzi

Posted on 06/10/2014 6:28:01 AM PDT by Fennie

Russian companies will make bypassing the U.S. dollar in international transactions a top priority, the heads of three Russian banks said this week, in the latest sign that Russia is turning its back on the West and moving toward Asia.

Sanctions imposed by the U.S. and European Union after Russia annexed Ukraine's Crimea peninsula in March have spurred Western banks to drastically reduce their lending activity in Russia in recent months. Concerned the Russian economy was too reliant on the U.S. dollar and therefore vulnerable to Western political opprobrium, Russian politicians have called for a "de-dollarization" of their economy, underpinning a desire for greater independence from U.S. and European financial markets.

(Excerpt) Read more at america.aljazeera.com ...


TOPICS: Business/Economy; Foreign Affairs
KEYWORDS: economy; obama; russia; ukraine

1 posted on 06/10/2014 6:28:01 AM PDT by Fennie
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To: Fennie

Good luck with that.


2 posted on 06/10/2014 6:32:39 AM PDT by Eric in the Ozarks (Rip it out by the roots.)
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To: Eric in the Ozarks

Good luck with that.

Exactly. Putin’s KGB-riddled government is flexing all kinds of muscle but could collapse even faster than it did in 1991.


3 posted on 06/10/2014 7:05:21 AM PDT by PaleoBob
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