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Europe

Ukraine crisis: Russia warns of dropping US dollar as reserve currency if US imposes sanctions

2014-03-06

[ST] MOSCOW (REUTERS) -- A Kremlin aide was quoted on Tuesday as saying that if the United States were to impose sanctions on Russia over Ukraine, Moscow might be forced to drop the dollar as a reserve currency and refuse to pay off any loans to US banks.
Good luck with that, Sparky...
Mr Sergei Glazyev, who is often used by the authorities to stake out a hardline stance but does not make policy, was cited by RIA news agency as saying Moscow could recommend that all holders of US treasuries sell them if Washington freezes the US accounts of Russian businesses and individuals.

The US Senate Foreign Relations Committee is preparing legislation to provide support to Ukraine and consulting the Obama administration on possible sanctions against individual Russians, the committee's chairman said on Monday.

The committee was also consulting with President Champ's administration on possible sanctions against individuals ranging from visa bans and asset freezes to suspending military cooperation and sales, as well as economic sanctions.
Here comrade, please hold my horse while I shoot myself.

Posted by:Besoeker

#4 Dumping the dollar means selling your treasuries. Lots of them.

Not only will you lose big if you do, China, which holds a lot more of them, won't be amused.

Not going to happen

Posted by: European Conservative 2014-03-06 22:45

#3 Being the world's largest oil producer gives Russia a bit of leverage, even if they produce most of what they consume.
With or without the Great, Awesome and Most Admirable Obama, the world has been on the edge of a meltdown for almost 10 years now. Just when it'll happen and what will happen is uncertain. An impossible situation, such as the one we're in, won't go on forever. "Too Big to Fail" is a key part of our impossible situation.

Posted by: Anguper Hupomosing9418 2014-03-06 08:12

#2 Our regime seems to be setting up the world for a melt-down that will make Chernobyl look like an ice cube in summer.

Posted by: AlanC 2014-03-06 07:39

#1 Even Zerohedge hasn't figured out that we are looking at the end of multi-lateral trade. At best, we are looking at currency zones of trade. With perhaps gold as the basis for inter-zone trade.

Posted by: phil_b 2014-03-06 03:13

00:01