{"id":38654,"date":"2018-10-04T06:55:38","date_gmt":"2018-10-04T11:55:38","guid":{"rendered":"http:\/\/olduvai.ca\/?p=38654"},"modified":"2018-10-04T06:55:38","modified_gmt":"2018-10-04T11:55:38","slug":"us-sanctions-against-russia-are-a-colossal-strategic-mistake-putin-warns","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=38654","title":{"rendered":"US Sanctions Against Russia Are &#8220;A Colossal Strategic Mistake&#8221;, Putin Warns"},"content":{"rendered":"<div id=\"block-zerohedge-page-title\" class=\"block block-core block-page-title-block\">\n<h3 class=\"page-title\"><a href=\"https:\/\/www.zerohedge.com\/news\/2018-10-03\/us-sanctions-against-russia-are-colossal-strategic-mistake-putin-warns\"><span class=\"field field--name-title field--type-string field--label-hidden\">US Sanctions Against Russia Are &#8220;A Colossal Strategic Mistake&#8221;, Putin Warns<\/span><\/a><\/h3>\n<\/div>\n<div id=\"block-zerohedge-content\" class=\"block block-system block-system-main-block\">\n<article class=\"node node--type-article node--view-mode-full\" role=\"article\" data-gtm-vis-recent-on-screen-2077925_22=\"1088\" data-gtm-vis-first-on-screen-2077925_22=\"1088\" data-gtm-vis-total-visible-time-2077925_22=\"100\" data-gtm-vis-has-fired-2077925_22=\"1\">\n<footer class=\"node__meta\">\n<div class=\"submission-wrapper\"><\/div>\n<\/footer>\n<div class=\"node__content\">\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>As Russia is preparing plans to wean its banking system off the dollar, advancing a trend of de-dollarization among the US&#8217;s largest economic and geopolitical rivals, Russian President Vladimir Putin accused Washington of making a &#8220;colossal&#8221; but &#8220;typical&#8221; mistake by exploiting the dominance of the dollar by levying economic sanctions against regimes that don&#8217;t bow to its whims.<\/p>\n<blockquote><p><strong>&#8220;It seems to me that our American partners make a colossal strategic mistake,&#8221; <\/strong>Putin said.<\/p>\n<p>&#8220;This is a typical mistake of any empire,&#8221; Putin said, explaining that the US is ignoring the consequences of its actions because its economy is strong and the dollar&#8217;s hegemonic grasp on global markets remains intact. However &#8220;the consequences come sooner or later.&#8221;<\/p><\/blockquote>\n<p>These remarks echoed a sentiment expressed by Putin back in May, when he said that Russia can no longer trust the US dollar because of America&#8217;s decisions to impose unilateral sanctions and violate WTO rules.<\/p>\n<p><strong>While Putin&#8217;s criticisms are hardly new, these latest remarks happen to follow a report in <a href=\"https:\/\/www.ft.com\/content\/a5187880-c553-11e8-8670-c5353379f7c2\">the Financial Times,<\/a> published Tuesday night, detailing Russia&#8217;s efforts to wean its economy off of the dollar.<\/strong> <em><strong>The upshot is that while de-dollarization may be painful, it is, ultimately doable. <\/strong><\/em><\/p>\n<p>The US imposed another round of sanctions against Russia over the summer in response to the poisoning of former double-agent Sergei Skripal and his daughter Yulia, and the US Senate is considering measures that would effectively cut Russia&#8217;s biggest banks off from the dollar and largely exclude Moscow from foreign debt markets.<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018.10.03putin.JPG?itok=7pFFrgbY\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/2018.10.03putin.JPG?itok=7pFFrgbY\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018.10.03putin.JPG\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/2018.10.03putin.JPG?itok=7pFFrgbY 1x\" alt=\"Putin\" width=\"500\" height=\"298\" data-entity-type=\"file\" data-entity-uuid=\"44353b0a-92d1-4a8a-bd76-fa8ae870ae6d\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p><strong>With the possibility of being cut off from the dollar system looming, a plan prepared by Andrei Kostin, the head of Russian bank VTB, is being embraced by much of the Russian establishment. Kostin&#8217;s plan would facilitate the conversion of dollar settlements into other currencies which would help wean Russian industries off the dollar.<\/strong> And it already has the backing of Russia&#8217;s finance ministry, central bank and Putin.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>US Sanctions Against Russia Are &#8220;A Colossal Strategic Mistake&#8221;, Putin Warns As Russia is preparing plans to wean its banking system off the dollar, advancing a trend of de-dollarization among the US&#8217;s largest economic and geopolitical rivals, Russian President Vladimir Putin accused Washington of making a &#8220;colossal&#8221; but &#8220;typical&#8221; mistake by exploiting the dominance of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[1997,259,694,827,839,857,5482],"class_list":["post-38654","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-economic-sanctions","tag-empire","tag-russia","tag-united-states","tag-us-dollar","tag-vladimir-putin","tag-world-reserve-currency"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38654","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38654"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38654\/revisions"}],"predecessor-version":[{"id":38655,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38654\/revisions\/38655"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}