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Putin Slams the US: Blocking Russia from Paying China is "Truly Stupid and a Huge Mistake!"

2024/05/21 14:37

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Russian President Vladimir Putin has accused the United States of attempting to block Russia from making payments to China and other countries. During his recent two-day visit to China, the Russian leader emphasized that this strategy, considering its impact on the dollar's status as a reserve currency, is "truly stupid and a huge mistake."

According to the well-known cryptocurrency website Bitcoin.com on Monday (May 20), Putin responded to actions aimed at preventing Russian companies from paying China. During his two-day visit to China, Putin complained about this issue, stating that it undermines America's global interests. Through this trip, Putin strengthened his relationship with Chinese President Xi Jinping.

As reported by Russia's TASS news agency, Putin stated: "This is truly stupid and a huge mistake by the American political elite because they are causing themselves enormous harm."

Putin added that these sanctions "undermine confidence in the dollar and gradually weaken the dollar's status as a world settlement and reserve currency," creating a need for new payment options based on non-US-controlled currencies.

Putin emphasized that alternatives to the dollar are possible, and efforts are being made to achieve these alternatives. However, he noted that all proposed solutions must receive national-level support.

Since the Western world imposed sanctions on Russia for its invasion of Ukraine, trade relations between Russia and China have flourished. Nevertheless, Chinese banks have now started blocking payments from Russian companies due to the risk of secondary sanctions for supporting Russia's war actions.

It has been reported that due to this situation, Chinese exporters are turning to small banks and cryptocurrencies to complete payments and continue trading, even though such payment methods are banned in mainland China.

Recently, Iranian Ambassador to Russia Kazem Jalali reported that Russia and Iran are working jointly on creating a single BRICS currency.

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