Credibility of USD and Euro declines due to sanctions against Russia Putin

Moscow: Russian President Vladimir Putin retorted ‘Many Western countries have decided to freeze Russian funds and assets. But the decision has resulted in the USD and Euro biting the dust.’ Putin has repeatedly questioned the USD’s credibility and has appealed to find an alternative for it. But the Russian President seems to have delivered a message even to the European countries with the mention of the Euro.

Moreover, the United States and allies have imposed stringent sanctions against Russia targeting the Russian central bank and the foreign reserves. Preparations are being done to target even the Gold stocks in the Russian reserves. Russia has referred to these sanctions as an economic war and has initiated multiple measures to wriggle out of the sanctions. Many think tanks and economists have claimed that the Russian economy can bear the brunt of the sanctions imposed by the westerners.

Against this background, Russia has announced that the Ruble will be currency accepted for the trade-in Natural fuel gas. Russian President Vladimir Putin made this announcement. Putin said that the coins having restrictions on use would not be used for the transactions in natural gas exports. Putin clarified that this provision had been made for the countries that share friendly relations with Russia.