Finding any other currency of US Dollar alternative to financial transactions in international trade and other sectors will definitely undermine the dollar's domination. The issue of looking for alternative US dollars in economic transactions has been strongly discussed in recent times. This is particularly true after the US has imposed fresh sanctions on Iran and Russia. As a result, the demand for increasing the shares of other countries in the trade and economic markets has been demanded to cancel the US dollar as an exchange medium.
In view of US sanctions, Turkey and Russia have recently taken steps to increase the use of local currency in terms of trade transactions. In a speech last Saturday, Turkish President Rajab Tayeb Erdogan said Turkey is ready to deal in local currencies instead of the US dollar in terms of economic transactions with top business allies like China, Russia, Iran and Ukraine. He also said that his country is ready to deal with European countries in the same way. Russia's full support for President Erdogan's statement
On Sunday, a spokesman for the Kremlin, President Vladimir Putin's residence said that Moscow would use the national currency instead of the US dollar or the European currency for commercial transactions with Turkey. Kremlin spokesman Dmitry Peskov told reporters, "Russia and Turkey have been discussing many times, how the national currency will be used in bilateral trade.
He also said, "Russia has long discussed the use of its own currency in bilateral trade and has held discussions in a series of high-level meeting including a high level meeting. President Putin repeatedly said this kind of feasibility. Of course this is a very difficult subject and difficult calculation. But we want to implement this issue of bilateral trade and economic, and this issue has been discussed many times in the bilateral talks between Russia and Turkey. "
According to the Treasury International's latest report, in March and April, Russia actually sold most of the US government bonds in two months. Russia's Finance Minister Anton Siluavov said, "Russia has decided to reduce investment in American securities due to the new US sanctions." He said the US dollar has lost credibility in repaying international trade. The minister also said that there is possibility of using the national currency in the field of oil trade in the US dollar.
