Viktor Mon Apr 07, 2014 1:28 pm
After Russian announcement on creating national payment system (Putin gave 6 months for the task) Russia is transfering all contracts in from Dollar to Ruble
Russia’s Gazprom plans to sell gas for rubles
Russia announces that it will sell (and buy) products and commodities – including oil – in rubles rather than in dollars.
As I understand Russia already sells oil and gas and perhaps much more in relations with China and perhaps some other countries but this intention is for the first time
meant to go global and include all kinds of commodities
Putin Flushes the US Dollar: Russia’s Gold Ruble Payments System Delinked from Dollar?
“Russia should sell domestic products – from weapons to gas and oil – abroad for roubles and buy foreign goods also for rubles….Only then are we going to use the advantages of the rouble being a foreign currency in full measure.”
Simbolic of such actions where defined by by Russian President opening account in Rossiya bank and ...
Golden Symbol of Russian Rouble installation in front of the bank’s office in Perevedensky pereulok in Moscow will symbolize the rouble’s stability and its backing by the country’s gold reserves
An action in support of bank Rossiya to take place in Moscow
But at the same time we have another interesting development from China in regard to US Dollar
From the budensbank:
Renminbi clearing in Frankfurt
Where Germany and China will exclude Dollar from their trade for the benefit of yuan
Frankfurt Beats London to Become First RMB Clearing Hub Outside Asia
Bundesbank, PBOC Sign Deal to Settle Renminbi Payments in Frankfurt
So, interesting times ahead of us ....