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Putin Orders End To U.S. Dollars At Russian Seaports, Prefers Ruble

Unic Press UK: President Vladimir Putin instructed the Russian government to approve legislation to make the Russian ruble – the country’s official currency – the main currency of exchange at all the Russian seaports with effect from next year 2018, the RT reported citing the Kremlin website.

The proposal to switch tariff from U.S. dollar to Russian ruble did not meet well with most of the transport companies when it was initially proposed by the Russian president a year and a half ago. The companies prefer to keep their revenues in dollars and other foreign currencies. Hence in all the seaports owned by the Russian government, many services are still being priced in U.S. dollars.

It is not very clear whether Putin is, by this order, extending Russia’s retaliation against the U.S. over wide ranging U.S. sanctions, or bolstering the Russian ruble. However, RT wrote that the decision is aimed at protecting “the interests of stevedoring companies with foreign currency obligations”.



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