Putin orders to end trade in US dollars at Russian seaports

[Hammad Arshad Qureshi]

Russian President Vladimir Putin has instructed the government to approve legislation making the ruble the main currency of exchange at all Russian seaports by next year, according to the Kremlin website.

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Putin orders to end trade in US dollars at Russian seaports
Published time: 19 Sep, 2017 13:41

Novorossiysk commercial sea port © Vladimir Astapkovich / Sputnik

Russian President Vladimir Putin has instructed the government to approve legislation making the ruble the main currency of exchange at all Russian seaports by next year, according to the Kremlin website.


Read more
Russia cutting dependence on US dollar – economy minister
To protect the interests of stevedoring companies with foreign currency obligations, the government was instructed to set a transition period before switching to ruble settlements.

According to the head of Russian antitrust watchdog FAS Igor Artemyev, many services in Russian seaports are still priced in US dollars, even though such ports are state-owned.

The proposal to switch port tariffs to rubles was first proposed by the president a year and a half ago. The idea was not embraced by large transport companies, which would like to keep revenues in dollars and other foreign currencies because of fluctuations in the ruble.

Artemyev said the decision will force foreigners to buy Russian currency, which is good for the ruble.

In 2016, his agency filed several lawsuits against the largest Russian port group NMTP. According to FAS, the group of companies set tariffs for transshipment in dollars and raised tariffs from January 2015 "without objective grounds."

The watchdog ruled that NMTP abused its dominant position in the market and imposed a 9.74 billion rubles fine, or about $165 million at the current exchange rate. The decision was overturned by a court in Moscow in July this year.
https://www.rt.com/business/403804-russian-sea-ports-ruble-settlements/

 

[Hammad Arshad Qureshi]

@Narendra Trump @django @Hell hound @The Sandman Ok things have really started to heat up.

 

[Hamartia Antidote]

Um...so why were they not trading in Rubles from the beginning?
The US doesn't trade in Rubles at our ports so why are the Russians trading in dollars?

 

[Taimoor Khan]

Interesting. With Chinese listing gold backed Yaun at Shanghai stock exchange for oil trade, no doubt, there is a ongoing coordinated Chinese and Russian attack on petro dollar. Expect Dollar to devalue quite sharply soon.

 

[Yaseen1]

starting of u.s end.we should also follow this

 

[Hamartia Antidote]

Interesting. With Chinese listing gold backed Yaun at Shanghai stock exchange for oil trade, no doubt, there is a ongoing coordinated Chinese and Russian attack on petro dollar. Expect Dollar to devalue quite sharply soon.

??? You don't think US Shale Oil is the biggest attack on the PetroDollar? We don't import much oil from the Middle East anymore because of it. I think it is down to near 4% now.

It would seem natural that whoever is buying the most oil from the Middle East would now cut a deal to use their own currency just like the US did. It would be stupid not to.

 

[Reichsmarschall]

the world should unite against the Evil empire of America

 

[Taimoor Khan]

??? You don't think US Shale Oil is the biggest attack on the PetroDollar? We don't import much oil from the Middle East anymore because of it. It would seem natural that whoever is buying the most oil from the Middle East would now cut a deal to use their own currency just like the US did.

You dont understand the issue here. If American dollar is no longer used by world to trade oil, that mean it will lose it value, in economical terms, a devaluation, losing it purchasing power. American global power was build around petro dollar. Dollar is not backed by gold but what made it powerful that all oil transaction globally whave to be made in dollar. That was pact between Henry Kessinger and Saudi King back in 70s. You make dollar redundant in oil trade, America will come down to it knees. If major world countries who are biggest oil producers and consumers like China, Russia and Saudi Arabia start to ditch dollar, a lot of it which your federal reserve bank have been printing recklessly will come back home. Ask any economist what it will mean to the American economy.

Trump is not ranting against fat kim for no reason. He is expressing his frustration with both China and Russia and now war seems to be the only solution left to create disturbance in that part of world which is vital to Chinese trade routes.

 

[Hamartia Antidote]

You dont understand the issue here. If American dollar is no longer used by world to trade oil, that mean it will lose it value, in economical terms, a devaluation, losing it purchasing power. American global power was build around petro dollar. Dollar is not backed by gold but what made it powerful that all oil transaction globally whave to be made in dollar. That was pact between Henry Kessinger and Saudi King back in 70s. You make dollar redundant in oil trade, America will come down to it knees. If major world countries who are biggest oil producers and consumers like China, Russia and Saudi Arabia start to ditch dollar, a lot of it which your federal reserve bank have been printing recklessly will come back home. Ask any economist what it will mean to the American economy.

Trump is not ranting against fat kim for no reason. He is expressing his frustration with both China and Russia and now war seems to be the only solution left to create disturbance in that part of world which is vital to Chinese trade routes.

The days of the world being dependent on oil are numbered. Alternative energy sources which only used to be fanciful "feel good about the earth" stuff by dreamers have now gained traction and gone mainstream at the expense of oil and coal. Electric cars have gone from being a joke to reality.

It is inevitable. No currency is really going to permanently replace the PetroDollar as the whole system is soon going to be in a decline.

 

[Taimoor Khan]

The days of the world being dependent on oil are numbered. Alternative energy sources which only used to be fanciful "feel good about the earth" stuff by dreamers have now gained traction and gone mainstream at the expense of oil and coal. Electric cars have gone from being a joke to reality.

It is inevitable. No currency is really going to permanently replace the PetroDollar as the whole system is soon going to be in a decline.

I agree, we are moving away from fossil fuel which in itself will kill petro dollar. So basically you are agreeing with me when I said that demise of the petro dollar is in motion. With petro dollar gone, the American hegemony on global affairs will die with it. Unless America can pull a rabbit from its hat as an alternate to its dying dollar, but even then it will require a major war. Hint: North Korea.

 

[terranMarine]

I agree, we are moving away from fossil fuel which in itself will kill petro dollar. So basically you are agreeing with me when I said that demise of the petro dollar is in motion. With petro dollar gone, the American hegemony on global affairs will die with it. Unless America can pull a rabbit from its hat as an alternate to its dying dollar, but even then it will require a major war. Hint: North Korea.

US definitely wants war but one with DPRK right next to China and Russia? The shadow government knows it's too dangerous to take on thus will look for somewhere else for an easy target.

 

[AZADPAKISTAN2009]

Selling all my dollar tomorrow exchange it to a Gold Bullion tomorrow

 

[Taimoor Khan]

US definitely wants war but one with DPRK right next to China and Russia? The shadow government knows it's too dangerous to take on thus will look for somewhere else for an easy target.

That is the whole idea, to start the fire next to China and Russia who are leading this attack on petro dollar. Saddam and Qaddafi tried to shun dollar, end up getting screwed but yanks cant take on China or Russia directly hence they are trying to create disturbance in their neighborhood. Trump rants againt DPRK and also, more importantly against Pakistan, should be understood with this context.

Selling all my dollar tomorrow exchange it to a Gold Bullion tomorrow

I used to think of all these precious metals, end of time advocates, as nutcases. Not anymore. it is getting real now. Dollar may not tank completely but will lose a lot of value and purchasing power. Also, Chinese are not stupid that they will trade the gold at current throw away prices which western controlled entities have been suppressing all these years. Chinese will push the price of gold substantially.

 

[Hamartia Antidote]

That is the whole idea, to start the fire next to China and Russia who are leading this attack on petro dollar. Saddam and Qaddafi tried to shun dollar, end up getting screwed but yanks cant take on China or Russia directly hence they are trying to create disturbance in their neighborhood. Trump rants againt DPRK and also, more importantly against Pakistan, should be understood with this context.



I used to think of all these precious metals, end of time advocates, as nutcases. Not anymore. it is getting real now. Dollar may not tank completely but will lose a lot of value and purchasing power. Also, Chinese are not stupid that they will trade the gold at current throw away prices which western controlled entities have been suppressing all these years. Chinese will push the price of gold substantially.

Gold is already very high. That tiny 1oz piece of metal that fits into a corner of your palm is worth $1360. I think investing in something more useful would be better.