Russia makes preparations to sell crude oil and natural gas in ruble in near future

Thursday, May 14, 2015

Russian government instructed the ministry of finance and economic development ministry, the federal office of the department of energy and the Rossiya Bank to start preparations for the sale of crude oil and other natural resources in ruble. After the transition energy resources will be available in ruble only reported Interfax news agency.

This step is necessary to overthrow the dollar's monopoly, which is now a major problem in the global economy; the monopoly of the intrinsically valueless US currency is a primary limiting factor of the ruble competitiveness. If only 10% of natural resources extracted in Russia could be sold in rubles, this would force customers to buy ruble for more than $ 15 billion said Russian experts.

There is an active political debate in Russia in recent years about the use of the US dollar. Dominant politicians of the State Duma of the opinion that the use of US dollar and the Euro should be banned in the Eurasian Economic Union as a reserve currency in order that the global economy become actually multipolar, and permanently eliminate the US dollar's reserve currency role.

Government politicians proposed last autumn to sell natural resources on the Russian stock market only in ruble discouraging EU countries to use US dollar, which would weaken Washington's grip over the European Union.

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