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Russia says it wants a new financial architecture for the world
Kremlin Warns West: Ruble-for-Gas Scheme Is the 'Prototype'
By Guy Raulconbridge
Reuters
Sunday, April 3, 2022
LONDON -- President Vladimir Putin's rouble payment scheme for natural gas is the prototype that the world's largest country will extend to other major exports because the West has sealed the decline of the U.S. dollar by freezing Russian assets, the Kremlin said.
Russia's economy is facing the gravest crisis since the 1991 collapse of the Soviet Union after the United States and its allies imposed crippling sanctions due to Putin's Feb. 24 invasion of Ukraine.
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Putin's main economic response so far was an order on March 23 for Russian gas exports to be paid in roubles, however the scheme allows purchasers to pay in the contracted currency which is then exchanged into roubles by Gazprombank.
"I have no doubt that it will be extended to new groups of goods," Peskov said. He gave no time frame for such a move.
Peskov said that the West's decision to freeze $300 billion of the central bank's reserves was a "robbery" that would have already accelerated a move away from reliance on the U.S. dollar and the euro as global reserve currencies.
The Kremlin, he said, wanted a new system to replace the contours of the Bretton Woods financial architecture established by the Western powers in 1944.
"It is obvious that -- even if this is currently a distant prospect -- that we will come to a some new system -- different from the Bretton Woods system," Peskov said.
The West's sanctions on Russia, he said, had "accelerated the erosion of confidence in the dollar and euro." ...
... For the remainder of the report:
https://www.reuters.com/world/kremlin-warns-west-rouble-for-gas-scheme-is-prototype-2022-04-03/
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