Settlement in US currency is about to be dropped by Russia

Settlement in US currency is about to be dropped by Russia in favor of the euro if the EU takes a stand against the latest US sanctions on Moscow, according to Finance Minister Anton Siluanov.

“As we see, restrictions imposed by the American partners are of an extraterritorial nature. The possibility of switching from the US dollar to the euro in settlements depends on Europe’s stance toward Washington’s position,” said Siluanov, who is also Russia’s first deputy prime minister.

RT reports: The EU initially supported Washington’s sanctions against Moscow but has recently criticized US President Donald Trump’s policy of imposing trade restrictions on other countries.

The EU was also hit by the introduction of US import duties on steel and aluminum. The situation escalated even more after the US withdrew from the nuclear deal with Iran.

The European Commission has officially adopted measures to protect its companies working in Iran if the US reimposes sanctions against Tehran.

The EU will remain committed to the Iran nuclear deal,…

“If our European partners declare their position unequivocally, we could definitely see a way to use the European common currency for financial settlements, such as payments for goods and services, which today are often subject to restrictions,” Siluanov said at the St. Petersburg International Economic Forum.

Siluanov added that Russia is already developing settlements in national currencies with its trading partners.

The Russian economy is now reportedly thriving under Putin following the expulsion of the Rothschild debt and the IMF.

Russia has now managed to the reduced foreign debt by 75% making them sixth-largest economy in the world by PPP, with a $4-trillion GDP.

Predictions suggest by 2050, the country will become the largest economy in Europe by this measure, leaving behind Germany and the United Kingdom.