Putin: Russia Needs to Get Rid of 'Dollar Burden' in Oil Trade: ずくなしの冷や水

2018年05月10日

Putin: Russia Needs to Get Rid of 'Dollar Burden' in Oil Trade

FARSNEWS2018/5/9
Putin: Russia Needs to Get Rid of 'Dollar Burden' in Oil Trade
TEHRAN (FNA)- Beginning his new term in office, the Russian President Vladimir Putin made disengaging the US currency from the Russian economy one of his goals, stating that the dollar monopoly is dangerous. The announcement came as Moscow and Beijing attempt to step up bilateral oil sales and financial cooperation.

Addressing the Russian Parliament following his inauguration, Putin called for the “unburdening” Russia’s economy from the dangerous monopoly of the US dollar in the pricing of oil in global commodities markets. He indicated that the underlying reasons were security-related, RIA Novosti reported.

"We used to behave naively, but now we see that the WTO [the World Trade organization] rules are all too often broken, the restrictions are imposed for political reasons, which they call sanctions. Plus more and more of them are imposed to secure its favorite competitive advantages,” Putin said.

He stated that the new "restrictions", breaking the world trade principles, make the world see that monopoly of the US dollar is dangerous for many regions.

De-dollarization should be promoted on principle, in order to preserve the country’s sovereignty, according to him.

Putin didn’t name an alternative currency in his speech.

Chinese Wall to Petrodollar

Putin’s recent announcement came less than two months after China launched yuan-denominated oil futures on the Shanghai International Energy Exchange, thus challenging the dominance of the Brent and West Texas Intermediate (WTI) benchmarks. Incidentally, in 2017 China emerged as the largest oil buyer, surpassing the United States.

In 2017, China imported 8.4 million barrels of crude per day, half a million more than the US, according to the US Energy Information Administration (EIA).

Russia is ready to support the Chinese contracts, as Sputnik contributor Igor Naumov wrote, citing a source close to the top management of the Saint-Petersburg Stock Exchange (SPBEX).

"Currently, the US dollar is used as the contract currency in the global hydrocarbon trading system, as well as for other commodities," the journalist explained, adding that "This is what largely provides the dollar with its status as the world's leading reserve currency. [However], the yuan is seeking to dislodge the American [petrodollar] from one of the fastest growing oil markets in the world."

Amid US-led sanctions, Russian energy ties with China have deepened over the last several years, which has resulted in the country’s becoming China's biggest crude supplier, displacing Saudi Arabia and Angola.

On January 1, 2018, a second pipeline for importing Russia's East Siberia-Pacific Ocean Crude began to pump oil, which doubled China’s import capacity to 30 million metric tons annually, according to China's state-run Xinhua News Agency.

The first pipeline supplying crude from Russia directly to its Eastern neighbor began operations in 2011.

At the same time, in December 2017, the Russian Finance Ministry announced plans to place an issue of yuan-denominated bonds worth $1 billion on the Russian domestic market in 2018.

Prior to this move, Putin endorsed the idea of creating a yuan-denominated investment fund; the idea had been proposed by the Russian Direct Investment Fund (RDIF) and China Development Bank.

In July 2017, the organizations agreed to establish a joint 68-billion-yuan (some $10 billion) fund to contribute to direct investments, including within the framework of the China's "One Belt, One Road" strategy.

Separately, Russia and China are considering possibilities for cooperation on the issue of national payment systems, specifically, linking Russia's MIR payment system with China's Union Pay, as Prime Minister Dmitry Medvedev stated.

De-Dollarization Amid Sanctions

The de-dollarization issue took on new significance during the peak of Russia's currency crisis the end of 2014 and in early 2015, when the Russian ruble collapsed.

The nation faced a sharp outflow of capital as international sanctions were imposed after the country reunited with Crimea.

The debate about the necessity to reduce Russia's dependence on US payment systems intensified after US President Donald Trump introduced a new volley of anti-Russian sanctions in August 2017.

This gave new momentum to Russian de-dollarization, as Russian banks continued to reduce the volume of dollar-denominated transactions with foreign creditors, while the non-financial sector continued to replace foreign currency obligations with those denominated in rubles.

"There is a big trend toward the de-dollarization of the Russian economy. The Central Bank made some very important steps so that fewer foreign currency loans were issued," then-Russian Minister of Economic Development Maxim Oreshkin said back in 2017.

下欄、西さんのコメント関連
posted by ZUKUNASHI at 19:41| Comment(3) | 国際・政治
この記事へのコメント
表面的な駆け引きの裏にあるのは、この脱ペトロダラーを巡る動きでしょうね。これが軌道に乗ったあと、さらに前に進むことになるのかな?
Posted by ぷう at 2018年05月10日 10:06
ええ、これは大きな動きです。ドイツなど金塊を自国に運び込む国が増えています。ドル決済の停止、IMF、世界銀行の借金のくびき、は米国の他国支配の手段です。ロシアは軍事で中国は経済金融面(アジアインフラ投資銀行とペトロ元)で米国の世界支配の手段を弱体化する作戦ですね。ロシアの軍備のデジタル化は中国が全面的に協力しているはずと見ています。プーチンがいる間は中国とはうまくやっていくでしょう。彼は赤の広場でボディガードに押し返された高齢の退役軍人と並んで歩いたりして余裕を見せています。中国の習主席、顔つきや動きを見るとこちらも相当な玉ではないかと見ています。
Posted by ずくなし at 2018年05月10日 10:32
今年5月9日の対独戦勝記念日、赤の広場での軍事パレードで注目する新兵器は音速10倍のスピードの極超音速ミサイル「ギンジャル」で射程距離は2000キロです。米国は、亜音速の巡航ミサイルしか持つていません。ギンジャルは、無敵の凄いミサイルです。米国の最大の脅威ですね。忍者プーチン大統領は、新国家と新国軍の建設に成功しました。課題は、巨大な経済の建設です。ロシアは、インフラの建設がとても遅れています。手本は、中国ですね。ケ小平は、近代工業国家なる方法を知つていました。インフラ建設と巨大な投資です。日本は、原発再稼動による放射能ホロコーストの完成ですね。あべ総理万歳。笑。
Posted by 西 亨 at 2018年05月10日 19:07
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