Putin Orders End To US Dollar Trade At Russian Seaports

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.


perikleous The_Juggernaut Wed, 09/20/2017 - 04:14 Permalink

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!

In reply to by The_Juggernaut

new game perikleous Wed, 09/20/2017 - 05:59 Permalink

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.

In reply to by perikleous

Conscious Reviver robertsgt40 Tue, 09/19/2017 - 21:53 Permalink

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.

In reply to by robertsgt40

Mr 9x19 new game Wed, 09/20/2017 - 08:17 Permalink

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

In reply to by new game

giovanni_f Crypto Kevin Tue, 09/19/2017 - 15:56 Permalink

"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?

In reply to by Crypto Kevin

DaveyJones Crypto Kevin Tue, 09/19/2017 - 16:19 Permalink

The US WANTS to murder a journalist but goddammit he burrowed down in some assholes embassyThe last time I checked, The US military is the number one murderer in the worldand yes, it is to steal shit from other countries or punish them for daring to discard the Petro Dollarsoon however, all of that will be mootChina and Russia have been empires for a helluva lot longer than usand our immaturity shows

In reply to by Crypto Kevin