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US Dollar Unreliable as Payment Currency in Defense Industry - Russian Official

CC0 / / US Dollar
US Dollar - Sputnik International
MOSCOW (Sputnik) – Director of the Russian Federal Service for Military-Technical Cooperation (FSMTC) Dmitry Shugaev told Sputnik in an interview on Monday that the US dollar was unstable and may need to be replaced as the currency used in deals with international partners in the defense industry.

"Today, there are many questions regarding use of the US dollar as the main currency for payments for export contracts… What is going in the world today shows us that the dollar is unstable, so there is no certainty of what will happen to it tomorrow. This whole situation, coupled with the sanctions imposed on us and our partners, makes us think about the need to find other payment options," Shugaev said.

He noted that the partial transition to national currencies was already a decided matter.

READ MORE: Switching From Dollar to Gold: Iran Continues Its Struggle With US Oil Embargo

Relations between Russia and the United States have been deteriorating since 2014, when the crisis in Ukraine broke out. Washington and its allies, including the European Union, have since introduced several rounds of sanctions over Crimea's reunification with Russia and Moscow's alleged involvement in the Ukraine conflict. Russia has refuted all the accusations and taken retaliatory economic measures.

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