Russia Calls Oil-Producing Countries To Ditch US Dollar Currency
The currency wars have intensified as Russia is reeling under the economic sanctions pressed by the White House. The Russia n local currency Ruble is depreciating against the US dollar dipping to 91.45 on Tuesday. The flow of foreign funds into Russia has dried up and the country is now looking at various options to lift its economy. One option that Russia ’s President Vladimir Putin is considering is that of revenge against America’s foreign policy. Also Read: BRICS: US Dollar Losing Dominance Against Kenyan Shilling After being re-elected as President, Putin urged the Middle East to stop accepting the US dollar as payments for Oil . His comments indicate a tit-for-tat outcome to America’s foreign policy that wreaks havoc on other countries’ economies. Putin stressed that if the Middle East stops accepting the US dollar for Oil , the USD currency will become irrelevant. “If Oil producers in the Middle East stop using the US dollar, it will be the e...