Russia is moving towards shedding the dollar

In the context of Russia's efforts to give up the US dollar, Russian President Vladimir Putin took a series of steps to increase dependence on local ruble currency.

Russia is seeking agreements with other countries to rely on local currencies for deals that are concluded, rather than relying on the dollar.

Putin said his country is moving toward the dollar, and that 70 percent of Russia's imports and 30 percent of its exports are in the ruble currency, calling on America to abandon its "unilateral sanctions" policy.
"We do not seek to give up the dollar, it is moving away from us," he said. "The instability of the accounts because of the dollar creates a desire in global economies to find alternative reserve currencies and establish independent banking systems."

The Russian president pointed out that investment in fixed capital grew during the first nine months of this year by 4.1 percent, compared to the same period last year, considering that it indicates "investor confidence in the future of Russia."

Putin also said that the trade war between Beijing and Washington opens new horizons for the Russian economy, opening up new markets for its agricultural exports.

Agricultural exports.

Russia has already begun to reduce reliance on the US dollar in its global dealings. Turkish President Recep Tayyip Erdogan said on Thursday that Ankara and Moscow had agreed that Turkey would pay for the Russian S-400 defense systems with rubles or Turkish lira.

Erdogan said the S-400 would be delivered by the end of next year, AFP reported.

In another deal, Russia's Sofikon Agricultural Research and Consulting Center announced that Turkey would buy 30,000 tons of wheat from Russia and would pay the ruble.

The center said in a statement that the price of a ton of wheat is 17 thousand rubles, noting that the losses of Russia and Turkey resulting from currency conversion will be reduced to a minimum, due to dealing in national currencies.