Russia could ditch US dollar in 2-3 years – head of Russia's #2 bank | WHAT REALLY HAPPENED

Russia could ditch US dollar in 2-3 years – head of Russia's #2 bank

Two to three years would be enough time for Russia to switch to international settlements to the ruble, Andrey Kostin, head of Russia’s second-biggest bank VTB, said.

“Two to three years is enough, not only to launch [settlements in rubles], but also to complete these mechanisms. But much will depend on how banks will cope with the task,” Kostin said in an interview with Izvestia newspaper.

Kostin first put forward the idea of switching to national currencies in international settlements about a decade ago, which means a move to the ruble shouldn’t be considered a counter-sanction measure.

"I did not find understanding in this matter with the previous leadership of the Central Bank [10 years ago ] They believed that since the [US] dollar works, we shouldn’t do anything, and settlements in rubles will just bring additional risks. Under the new leadership the position of the Central Bank changed. I think that soon we will achieve a major breakthrough,” Kostin said.

Webmaster's Commentary: 

With the ever growing frailty of the US economy (except for the already super-rich), I frankly doubt that it will take quite as much time for this to happen as Mr. Kostin postulates.

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