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Putin Orders End to Trade in US Dollars at Russian Seaports

Jacob Wohl

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President Vladimir Putin has called on the government to pass legislation that would ban trade that uses US Dollars in Russian seaports by next year, according to a press release on the Kremlin’s website. This move could cause serious volatility in the US dollar, but some experts contend that over the long term, this may further isolate Russia.

According to RT:

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.

This plan has receives stark opposition from large transport companies that do not want to convert their currency to Russian Rubles in order to make basic deliveries and accept payments. There has not yet been any comment from the White House about this order from Putin.

 

Jacob Wohl is the CEO and Head of Fixed Income and Interest Rates for Montgomery Assets, a proprietary trading and asset management firm based in Los Angeles, CA. Jacob Wohl is the host of the Offended America Podcast

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