Moscow: President Vladimir Putin remarked on Friday that the US sanctions policy is eroding trust in the dollar. He emphasized that Russia and China are exploring avenues to counter the threat posed by measures targeting Chinese banks and disrupting their growing trade partnership.
The US has imposed sanctions on Russia in response to developments in Ukraine and has threatened secondary sanctions on foreign banks engaging in transactions with Moscow. Consequently, some Chinese banks have restricted dealings with Russian entities.
During a televised address in China, Putin asserted that such sanctions lack legitimacy unless endorsed by the UN Security Council. He criticized them as counterproductive for the US and reflective of its “stupidity.”
Putin argued that these actions by the US are undermining confidence in the dollar and leading countries to decrease their reliance on the currency in their reserves, likening it to “sawing the branch they are sitting on.”
While acknowledging challenges in Russian-Chinese payment settlements, Putin suggested that a resolution is attainable but refrained from specifying details.
