Beautiful Virgin Islands

Monday, Aug 04, 2025

Russia’s Deputy Foreign Minister Calls on Nation to Further Reduce Dependence on ‘Toxic’ Dollar

Russia’s Deputy Foreign Minister Calls on Nation to Further Reduce Dependence on ‘Toxic’ Dollar

In recent years, the Russian Central Bank dramatically reduced its holdings of dollars and Treasury obligations. Additionally, Moscow has sought to decrease the use of greenbacks in foreign trade settlements with major trade partners.

Amid the threat of new US sanctions, Russia needs to further reduce its dependence on the dollar and other elements of the American financial system, Deputy Foreign Minister Sergei Ryabkov has said.

“We need to barricade ourselves against the US financial and economic system to eliminate dependence on this toxic source of permanent hostile actions,” the senior diplomat said, speaking to Bloomberg.


“We need to cut back the role of the dollar in any operations,” Ryabkov added.

The diplomat made the comments amid signals by the Biden administration that it might further expand sanctions against Russia over a litany of alleged crimes ranging from the alleged poisoning and jailing of opposition vlogger Alexei Navalny, to claims that Russia has been engaged in a clandestine campaign to hack US and European computer networks.

Ryabkov estimates that Washington has already slapped Russia with over 90 rounds of sanctions, with the restrictions targeting everything from state banks and companies to senior officials and businessmen. The diplomat says more restrictions are now likely, and describes the diplomatic spat as arguably even worse than the confrontation between Moscow and Washington during the Cold War.

“There’s never been anything like it in terms of not even just a lack of trust but mutual hostility,” he said. “Emotions are running so high and we won’t see any improvement for a long, long time.”


On Monday, Washington’s European allies moved forward with personal sanctions against four senior Russian officials, with restrictions including asset freezes and travel bans. Additional sanctions have been threatened against members of the Russian judiciary. Since the end of the Cold War, many wealthy Russians, including some government officials, bought real estate and opened bank accounts in Western countries, with their holdings now under threat.

Ryabkov did not elaborate on what specific steps need to be taken to further reduce Russia’s dependence on the dollar. Bloomberg points out that it’s not the Foreign Ministry’s responsibility to set economic policy.


On Wednesday, the Ministry of Finance announced that Russia’s sovereign wealth fund had further reduced holdings of dollars and euros, with the combined share of the currencies said to have dropped from 45 percent to 35 percent over an unspecified period. At the same time, the share of Chinese yuan is said to currently amount to 15 percent of the total, while Japanese yen and British pounds account for 5 and 10 percent, respectively. The fund is believed to contain about $116.4 billion in liquid assets.

Last month, Russian business media reported that the sovereign wealth fund’s size had grown by over 5.7 trillion rubles in 2020, from about 7.77 trillion rubles to 13.546 trillion rubles (the latter sum is equivalent to about $183.3 billion). The fund grew in spite of the coronavirus pandemic, which saw a 3.1 percent contraction Russia’s economy in 2020.

The country's total international reserves are equivalent to about $590 billion, with gold holdings recently surpassing greenbacks.

Late last year, Russia reported a slight increase of its holdings of US Treasury obligations by about one billion dollars, with total holdings now standing at about $6 billion, including $1.2 billion in long-term bonds, and $4.8 billion in short-term holdings. Russia has dropped its Treasury holdings dramatically in recent years, with investments falling precipitously after the Ukrainian crisis after reaching a high of $170 billion in 2010.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
Tesla Seeks Shareholder Approval for $29 Billion Compensation Package for Elon Musk
Nvidia is cutting prices on its RTX 50-series graphics cards after sales slowed and inventories piled up
Ghislaine Maxwell Transferred to Minimum-Security Prison Amid Ongoing DOJ Discussions
U.S. Tariffs Surge to Highest Levels in Nearly a Century Under Second Trump Term
Matt Taibbi Slams Media for Role in Russiagate Narrative
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Nationwide Protests Erupt in Brazil Demanding Presidential Resignation
Parents Abandon Child at Barcelona Airport Over Passport Issue
Mystery Surrounds Death of Brazilian Woman with iPhones Glued to Her Body
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
U.S. Opens Official Investigation into Former Trump Prosecutor Jack Smith
Leaked audio of Canada's new PM Mark Carney admitting the truth about the Net Zero agenda: "We're gonna make a lot of money off of this."
China Enforces Comprehensive Ban on Cryptocurrency Activities
Absolutely 100% Realistic EVO Series Doll by EXDOLL (Chinese Company) used mainly for carnal purposes
World Economic Forum founder Klaus Schwab: "In this new world, we must accept... total transparency. You have to get used to it. You have to behave accordingly. But if you have nothing to hide, you shouldn't be afraid."
Meet Mufti Hamid Patel, head of Office for Standards in Education in Pakistan
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
Decline in Tourism in Majorca Amidst Ongoing Anti-Tourism Protests
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
Poland Begins Excavation at Dziemiany After New Clue to World War II‑Era Nazi Treasure
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Threatens Canada with Tariffs Over Palestinian State Recognition
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Trump Sues Murdoch in “Heavyweight Bout”: Lawsuit Over Alleged Epstein Letter Sets Stage for Courtroom Showdown
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
J.K. Rowling Limits Public Engagements Citing Safety Fears
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
×