Putin Orders End To US Dollar Trade At Russian Seaports

Tyler Durden's picture

Whether in response to rising scorching tensions with the US, or simply to provide support for the ruble, on Tuesday Russian President Vladimir Putin instructed the government to approve legislation making the ruble the main currency of exchange at all Russian seaports by next year, RT reported citing the Kremlin website.

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. So, in order to "protect the interests" of dockworkers and their complyees with foreign currency obligations, the government was instructed to set a transition period before switching to ruble settlements.


The commercial sea port of Novorossiysk

The proposal to switch port tariffs to rubles was first proposed by Putin a year and a half ago, but it was mothballed only to pick up speed again in recent days.

Originally, the idea was rejected by large transport companies, which said they prefer to keep revenues in dollars and other foreign currencies due to sharp fluctuations on the volatile ruble. However, the Russian anti-trust watchdog said the decision would force foreigners to buy Russian currency, which would stabilize rates and be good for the ruble.

In 2016, Artemyev's agency filed several lawsuits against the largest Russian port group NMTP.

According to FAS, the group of companies set tariffs for transshipment in dollars and raised tariffs from January 2015 "without objective grounds."

 

The watchdog ruled that NMTP abused its dominant position in the market and imposed a 9.74 billion rubles fine, or about $165 million at the current exchange rate. The decision was overturned by a court in Moscow in July this year.

While Russia's stated motive for the unexpected redenomination of trade at some of its largest trading hubs has to do with domestic economic policies, there is speculation that the timing of this decision has been influenced by the recent diplomatic fallout between the US and Russia, the result of which would be an heightened demand for the ruble, especially since it is rather complicated to find alternative sources for Russia's largest export by a wide margin: crude.

And while it is still early to discuss whether Moscow has launched the "Petrorouble", Putin's rejection of the Petrodollar in yet another aspect of economic life will raise quite a few eyebrows around the globe.

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Alok's picture

very, very well done...   Go Putin!!!

robertsgt40's picture

Smart move. Trump, and Oturd before him, plays checkers. Putin plays chess.

Crypto Kevin's picture

And the Putin worshipping begins. All hail Czar Vlad the Great! We love our benevolent autocratic dictator. Maybe he can murder some more Russian journalists that dare to criticize him, to celebrate his new petroruble.

GlassHouse101's picture

Right now, I would take Vlad over Donald Jeb Trump

beemasters's picture

He should implement it nationwide. Heck, all nations should move away from the USD. Maybe only then will the perpetual wars end.

sincerely_yours's picture

The truth about the conflict DID NOT change one iota. https://goo.gl/nKJndT

The_Juggernaut's picture

...and nothing happened except Russia's economy sank further into the shitter.
As much as some of you Putin jock-sniffers hate to admit it, USD transactions only happen in Russia because so many people would rather have dollars than shitty rubles.

perikleous's picture

Its an illusion that there economy is in the "shitter" because they have very minimal debt and if the US released the frozen $ it holds since santions began Russia would be very close to debt free..

This also does not count the 30+ billion Ukraine owes to Russia!

The US is living completely on credit, credit debt that increases by trillions yearly!

The only reason they can keep the sharade going is by keeping interest at zero to keep "the countries debt payment" lower!

A debt payment that gets paid by reprinting more money!

new game's picture

some call it a ponzi scheme suported by other ponzi's, namely the yen and euro. the three ponzi stooges.

meanwhile a real trade emerges; yuan back gold for oil. this should get interesting. sauds(frauds) next move will be to the real money trade, then it is toasta dolla, bye bye, welcome hyper intrationono.

just a sayin. gold, simple shit maynard, SSM.

Truthoutthere's picture

Hey Jugs,what does Russia's balance of payments look like.Exports greater than imports? Looks like they are self sufficient pretty much.Look at your own fucking economy.Good luck with the civil war.

Clashfan's picture

"It's a Jewish war against holy Russia, and America is jut a bat in the hands of the Jews."

Explains it quite succinctly and expertly.

https://www.youtube.com/watch?v=FkFAPsKJSBk

francis scott falseflag's picture

You mean to say that 6 months ago, you'da taken Trump.

 

ZH is getting like an AA meeting.

Got The Wrong No's picture

When I click on Crypto's profile I get "access denied". What's up with that Tyler???

I smell a Rat. 

robertsgt40's picture

Zactly! I did the same.  Something ain't kosher here. 

HowdyDoody's picture

Maybe he is registered as a ZionistHedge user?

 

Conscious Reviver's picture

I would say overtly Kosher.

The Jews love this bullshit about Putin killed some journalist.

The USA DC occupied cabal murders people all the time. Two journalists off the top of my head. Gary Webb exposed CIA drug running was shot twice in the head and the coroner called it suicide. Michael Hastings got the Boston Brakes treatment in his mercedes. William Colby, former CIA director who got a little too chatty was murdered. Lavoy Finicum was dangerous because he was articulate. 3,000 Americans were murdered on 9/11. And Crypto Kevin, the special zionist could not care less. Special zionists only have complaints about Vladimir Putin. Care to explain why you all have this special beef with the Russian President? The Tribe can't play their mafia games in Russia anymore? You need a kidney and Vlad shut down the organ harvesting pipeline you had running from Syria?

I know you won't answer. You'd rather sulk and spit venom 'cause that's your style. The fact that the zionist Jew supremacists hate Putin so much proves that he is a major force for good in this world, while Crypto Kevin is the polar opposite.

Entertain us. Instead of an empty accusation, according to you, what journo do you say Putin killed and why is the supposed victim so much more important to you than all the numerous victims of the Zionist run, US deep state?

How many people did your hommie Vicky Knudleman-Kagan have killed in Ukraine? Why are they of no importance to you?

All the dead in Syria that your lebensraum for Zinos plan killed, they don't matter one bit to you. You are the problem. Look in the mirror and see the problem.

WillyGroper's picture

you're deluding yourself same as the majority did here with djt.

they work together...any future double/triple cross is another story.

all the ussa hi-tech has been funneled to russia via guess who?

https://www.youtube.com/watch?v=RXBuG8NnYd0

https://www.youtube.com/watch?v=pIsQLHrpyN4

Bozac 2000's picture

Yes I tried it. That does seem strange.

Shemp 4 Victory's picture

 

When I click on Crypto's profile I get "access denied". What's up with that Tyler???

Well, I'm not a Tyler and I didn't stay at a Holiday Inn Express, but it means that the user's account has been shitcanned.

YUNOSELL's picture

No one likes a bully. I'm honestly surprised Putin hadn't implemented this earlier

peddling-fiction's picture

He chooses the right moment, and not the ones who confuse Austria and Australia.

serotonindumptruck's picture

Putin was obviously criticizing Trump with that comment.

It's a sad state of affairs when the educational requirements for POTUS are somewhere between the 5th and 6th grade.

nope-1004's picture

 

Well, it's now confirmed.... Putin has WMD's.  We NEED to invade for all the little girls he forced to live in the streets drinking from the sewers.

Oh the humanitarian crisis!!!

(as I send my kid over there to die, fighting for "my freedom" or some such thing the plastic lady on CNN said)

new game's picture

no, it has to be yuan backed by gold. seeing a trend lately? lol...

dolla is toast, the long emercency comes closer to hyper diaper inflation.

dollas in flatbeds for a six pack...

Mr 9x19's picture

dedolarization will trigger WW3 until US population grab weapons and shoot the gov.

deep state won't accept to be banned, printing press speaking, i mean, err  economically.

 

this is way off from multi gender toilets, faggots californian, nigga life matter and hrc pay to play.
it is about the stability of the world.
that's the ultimate legacy to the world the americans have to do.

 

honnestly, i'm not that  confident

peopledontwanttruth's picture

He Knows NOW the world is ready to go with the idea.

ReturnOfDaMac's picture

Damn skippy Kevin, I like Vlad, a thinking, careful, measured, real, leader!  Damn, I wish we had one.

Crypto Kevin's picture

I wish we had a constitutional republic like this nation was founded on with free and sovereign citizens and a much smaller less intrusive government but if you need a "leader" to help you sleep at night and make decisions for you, then go ahead and surrender your freedom.

Shemp 4 Victory's picture

Alas, Crypto Kievan, your propaganda works with the opposite effect: everyone can see your pathetic, easily refuted arguments. I understand that to say, you just have nothing.

karenm's picture

FED can print all the paper they want, but that paper becomes worthless somewhere around the 40 trillionth one. So now we have the pretext for why the USD will collapse

ReturnOfDaMac's picture

Dunno KarenM, depends on how much the other guys print too.  If the Chinese are at 80T and Japanese are at 20T and the Europeans are at 60T maybe our toilet paper is still as good as Charmin...but I agree that there are limits!

illuminatus's picture

What really is different this time is that along with the printing press they own the markets and can keep prices of commodities suppressed and stocks and bonds elevated. Plus wages are held down due to mechanization/ robotics outsourcing and computers. I won't even go into the dumbing down and brainwashing of the populations.

John Kerry-Heinz's picture

It's all coming together as planned by our wonderful lot of globalist bankster thugs. 

2018 is the year everything changes. 

1929 crash --> 1939 WWII

2008 crash --> 2018 WWIII

Plan accordingly folks, if you have been a ZH poster for any amount of time, don't ever say you weren't warned.

A. Boaty's picture

Will you eat crow when it doesn't happen?

John Kerry-Heinz's picture

who will you be eating or who will be eating you?

WWIII will not be like the past two.

giovanni_f's picture

"And the Putin worshipping begins..."

See, Ukronazi-troll, it is the inner rot of the US and the irreparable decay of the US ruling class that makes Putin a downright hero. Has nothing to do with worshipping or petroruble-nonsense. My litmus test is the following:This man can answer no holds barred-questions to foreign unfriendly journalists catering to their narrative in hours-long interviews with precise and detailed answers - with the journos gettig destroyed big time on a regular basis.

For a grasp of the total moral decay of the US watch this video from a CIA whistleblower (thanks to the ZH colleague who made me aware of it).

P.S: How's the weather in Kiev?

Jimbeau's picture

I'm inclined to think that 'he' works here.

He definitely gets us to start up & down clicking...

DaveyJones's picture

The US WANTS to murder a journalist but goddammit he burrowed down in some assholes embassy

The last time I checked, The US military is the number one murderer in the world

and yes, it is to steal shit from other countries or punish them for daring to discard the Petro Dollar

soon however, all of that will be moot

China and Russia have been empires for a helluva lot longer than us

and our immaturity shows

ironic_username's picture

I give this post 1.3 potatoes.

land_of_the_few's picture

No vareniki or salo? it's austerity times right? :D

Volkodav's picture

      You know nothing about this subject

      Media dumb you down much?

Squid Viscous's picture

crypto Kev, 11 weeks, go have a nosh b4 they close the Tel Aviv diners

WillyGroper's picture

well, this place is hosted by the $600mm cia fav.

land_of_the_few's picture

That's at least two feet, is it a server? :D

francis scott falseflag's picture

The CIA murdered those journos, fartbreath.

To make Putin look bad.  Only shmucks like you bought it.

 

The CIA is murder inc.

dark pools of soros's picture

all USA journalists are extinct anyway

Justin Case's picture

The news now comes through one wire to all the outlets. That way they'll all be on the same page for the narrative of the week. Change a few words to make it sound as though it was original and the sheople in front of the tee vee gobble it up like a cheap strumpet on a meat stick.

BarkingCat's picture

I gave you an up there oh but technically it's two wires.

AP and Reuters.