“The United States continues to exploit other economies of the world for its own benefit,” the Russian president says.

Russian President Vladimir Putin accused the US of exploiting other economies for its own benefit thanks to the dollar.

Speaking at the VTB Investment Forum in Moscow on Wednesday, Putin said America’s adversaries had done much to undermine the fundamentals of the dollar as its international reserve currency.

“The use of the dollar as a world currency gives the US a lot of money…Thanks to the dollar, the US continues to exploit other economies of the world for its own benefit…One thing is to ban the use of the dollar And the second thing is don’t use it… The President-elect has not been in the White House for four years. During this time there have been some changes in the world economy as well as the US economy… his/her opponents as his/her international reserve currency. he/she did a lot to weaken the fundamental basis of the dollar to the detriment of other countries. To use the dollar as an instrument of political or even military warfare with our own hands.”

Giving the example of Bitcoin, Putin said that no one can stop the use of new technology. America cannot ban its use for anyone.

“The US share in the world economy is decreasing, and the influence of the dollar on world economy processes is also decreasing… That is why we look at (economic) processes with the use of other instruments. For example, Bitcoin, who can prohibit its use?… or the use of other electronic methods of settlement. No one can stop their use because these are new technologies and anything can happen with dollars. The use of these devices will increase…the dollar has nothing to do with it. If we see the use of the dollar reduced, they (US) will weaken their economic dominance… We have never ruled out using the dollar. We were denied access to it… and now we have to think about what to do next… They are too sure of themselves and this is unacceptable… Based on understanding the processes taking place in the world, we The policy should be set at international level,” he/she said.

Putin said the US could not reverse the policies its own allies had adopted by reducing gold and dollar reserves.

“Even countries that are allies of the US have reduced their gold and currency reserves in dollars and euros… Over the last 10 years, the reduction was about 13 percent… No use of sanctions will stop these processes or a force that is devastating to the economy,” he/she said.

Putin praised the Indian government and its leadership for its efforts to create “stable conditions” for small and medium-sized enterprises (SMEs), India’s economic initiatives, particularly Prime Minister Narendra Modi-led “Make in India”. ” highlights the initiative.

US President-elect Donald Trump on Saturday threatened BRICS countries, including India, with 100 per cent tariffs and called for a clear commitment from these countries to refrain from creating a new currency in place of the US dollar or supporting any other currency.

“The idea that the BRICS countries are trying to move away from the dollar while we stand by and watch is debunked. We need a commitment from these countries that they will neither create a new BRICS currency, nor support another currency to replace the mighty US dollar, or, they will face 100 percent tariffs, and sell into the wonderful US. Should expect to say goodbye. economy. They can find another “sucker”! Trump said.