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Russia aims to cut dependence on U.S. payment systems – RIA

TheHill  |  Olivia Beavers

“We will of course intensify work related to import substitution, reduction of dependence on U.S. payment systems, on the dollar as a settling currency and so on. It is becoming a vital need,”

MOSCOW, Aug 7 (Reuters) – Russia will speed up work on reducing its dependence on U.S. payment systems and the dollar as a settling currency in response to U.S. sanctions, RIA new agency cited Deputy Foreign Minister Sergei Ryabkov as saying on Monday.

“We will of course intensify work related to import substitution, reduction of dependence on U.S. payment systems, on the dollar as a settling currency and so on. It is becoming a vital need,” Ryabkov was quoted as saying. (Writing by Polina Nikolskaya; Editing by Maria Kiselyova abd Dmitry Solovyov)

The report comes after Secretary of State Rex TillersonRex Wayne TillersonTillerson avoids contact with North Korean envoy Top Russian official: US, Moscow ready to have further dialogue following sanctions Tillerson, Russian foreign minister meet in Manila: Interfax MORE and his Russian counterpart, Foreign Minister Sergey Lavrov, had their first bilateral meeting following the Russia sanctions bill that President Trump signed into law last week.

Trump reluctantly signed the bipartisan measure into law Wednesday. The legislation, which had a veto-proof majority in Congress, slaps new sanctions against Russia while also limiting the president’s ability to lessen those sanctions.
The new U.S. financial penalties come in response to Russia’s military actions in Ukraine, where it is supporting armed separatists, and its meddling in the 2016 U.S. presidential election.

Russia called the measure a “fully fledged trade war” and issued its own retaliatory response: demanding the reduction of U.S. diplomatic personnel by 750 by Sept. 1 and planning to take over diplomatic property previously used by the U.S.

The news wire’s report of Russia moving away from U.S. economic systems is a sign of further steps Russia is taking in response to the sanctions.

Trump also lashed out at lawmakers for endorsing the sanctions measure while blaming Congress for fostering a tense relationship with Moscow.

“By limiting the executive’s flexibility, this bill makes it harder for the United States to strike good deals for the American people, and will drive China, Russia and North Korea much closer together,” Trump said Wednesday.

“Our relationship with Russia is at an all-time & very dangerous low. You can thank Congress, the same people that can’t even give us [healthcare]!” he tweeted a day later.

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