Russia FinMin Calls For Shift Away From US Treasurys Into BRIC Bonds, Settlement In Non-Dollar Currencies

Russia FinMin Calls For Shift Away From US Treasurys Into BRIC Bonds, Settlement In Non-Dollar Currencies (ZeroHedge, Sep 20, 2014):

it was Russia’s finance minister Anton Siluanov who was the designated “bad guy”, and as the WSJ reported, Russia is considering diversifying its debt portfolio away from countries that have imposed sanctions on Moscow and into the papers of its BRICS partners. Speaking on the sidelines of an annual investment forum in the Black Sea town of Sochi, Mr. Siluanov said the Finance Ministry wants to diversify its investment basket, and is looking for higher yields without too much risks. He said the ministry will consider buying papers issued by Brazil, India, China and South Africa, which along with Russia are known collectively as the Brics countries. “[We would like to] walk away from investing in papers of the countries that impose sanctions against us,” Mr. Siluanov said, adding that the reshuffle would be carried out gradually. He didn’t elaborate on when the first purchases of Brics debt may take place.

 

2 thoughts on “Russia FinMin Calls For Shift Away From US Treasurys Into BRIC Bonds, Settlement In Non-Dollar Currencies

  1. Putin did an amazingly intelligent thing. He took Hugo Chavez’s idea of a basket of currencies along with an electronic currency to translate the value of all, and built a sister economy with the west.
    The US was so arrogant, it paid no attention to Hugo Chavez’s system, and paid no mind when Russia and China adopted it. China went on to recruit many other nations, and soon, all solvent nations were joining BRICS. Switzerland is the latest to join, a slap in the face of the EU……
    Every stupid sanction the US puts on Russia or any other BRICS member only increases the power to move away from the US to the east. The east is rising while the west is falling like a stone.
    Putin is living proof why history is made by men, not gaggles of fools, such as the idiots in the EU and US. None of them can decide on anything without many bribes first……..
    Putin doesn’t have that problem. He has the power, and he uses. Obama has the power of an emperor, but has no clue on how to exercise it. He keeps pushing more draconian and unnecessary laws all the time……just review NDAA.

  2. This is a profoundly important story. Why more people are not commenting is strange to me. I am not sure how many people realize what Putin has done…….he created a sister economy to the west. He was smart enough not to reinvent the wheel, he used the same system, but used the basket of currencies instead of one…..this way, all can participate. Every nation that joins BRICS can trade with all member nations using their own currencies, leaving any world reserve currency out.
    This model of the basket of currencies is going to dominate the 21st century world economy.

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