Addressing the Russian Parliament following his inauguration, Vladimir Putin observed the necessity of increasing Russia’s economic sovereignty and independence from the petrodollar system, stressing that the West is boosting this process through its economic bullying in the form of sanctions.
“We used to behave naïvely, but now we see that the WTO [the World Trade organization] rules are all too often broken, the restrictions are imposed for political reasons, which they call sanctions. "
"Plus more and more of them are imposed to secure its favorite competitive advantages,” Putin said.
“We need to increase the level of our economic sovereignty but this is not a straightforward decision,” the head of state said.
“Oil is traded in dollars on the exchange,” Putin said.
“Certainly, we are thinking about what we need to do in order to get free of this burden. Furthermore, our partners are helping us by introducing all these unlawful restrictions and violating principles of the global trade, because the whole world sees the dollar monopoly is unreliable; it is dangerous for many, not only for us,” he added.
As The Duran's Frank Sellers notes, generally speaking, any country that wants to buy oil needs to buy dollars first, with which to accomplish the commodity purchase, which is a major aspect of the dollar’s global hegemony in international trade.
The US and their globalist owners have a history of regime change when someone moves away from the dollar, Russia...