Russia should have abandoned the dollar long ago, says American expert
Russia, which has large oil and gas reserves, should have abandoned dollar payments long ago.
American political scientist Paul Roberts, former assistant for economic policy to the US Secretary of the Treasury in the Ronald Reagan administration, stated this on the air of Dialogue Works, reports a PolitNavigator correspondent.
"I've already said that the economic policy pursued by the female head of the Central Bank in Moscow at the time was misguided. What can they do with foreign currency?
Well, Russia doesn't need foreign currency. Russia can finance its development simply by printing rubles; foreign currency is useless. Right now, they can't do anything because of the sanctions, but before the sanctions, if you sold oil, you got dollars. You couldn't spend those dollars in Russia. You can't just build roads and bridges, or invest in new factories and equipment. You have to use rubles.
So what do you do with dollars? What? But you deposit them in the Central Bank, and they sit there . You need to create rubles to pay for development. So why do you need dollars or any other foreign currency? In a country with oil and gas reserves, the currency must be very strong ," Roberts said.
Russia should have abandoned the dollar long ago, says American expert