Putin: Confidence in the dollar is decreasing in the world

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ST. PETERSBURG – President of Russia Vladimir Putin said today during his speech at the Economic Forum that is taking place in St. Petersburg that the role of the dollar as the global reserve currency requires a redefinition.

Putin said that it is necessary to redefine the function of the US currency, which has turned into a tool of pressure against the rest of the world, and that confidence in the dollar is diminishing.

“[…] It is obvious that these profound changes require the adaptation of global financial institutions and a redefinition of the function of the dollar, which after becoming the world’s reserve currency has now become a tool of pressure of the issuing country against the rest of the world,” said the president of Russia.

The president added that this is an error of the financial authorities of the political centers of the USA.

“Incidentally, from my point of view, the great mistake not only of the American financial authorities but also of the political centers is that they themselves compromise their advantages gained at the time of the creation of this Bretton Woods system – confidence in the dollar is simply falling,” he concluded while speaking at SPIEF.

The St. Petersburg International Economic Forum (SPIEF) is a space for communication between business people and for discussion of key economic issues. This Forum is held annually since 1997. This year the event takes place between June 6 and 8.

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Concerns about peace are not alien to US President Donald Trump, Russian leader Vladimir Putin said, indicating that the US president appeared to be concerned about the growing arms race in the world during his last conversation.

Talking to reporters on Thursday, Putin revealed that his recent conversation with the US president “has inspired some optimism.”

“Donald… he understands how much the United States and other countries spend on armaments. This money could be diverted to other purposes. I fully agree with him,” commented the Russian leader.

While noting that global security largely depends on the US-Russian negotiations, Putin encouraged other nuclear states to participate in the discussion. These broad talks could become “the light at the end of the tunnel,” concluded the Russian president.

The presidents of Russia and the US spoke by telephone early in May.

The latest face-to-face talks between Putin and Trump were in Helsinki last year. Leaders should meet on the sidelines of the November G20 summit in Buenos Aires, but the US side canceled the meeting amid the Russo-Ukrainian impasse in the Kerch Strait.

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