OPINION: Sanctions Against Russian Defense, Energy Sectors Signify Washington's Impotence
Topic: Sanctions Against Russia
Turkey Proposes Switching to National Currencies Payments in Trade with RussiaStrategic Culture Foundation
| News | 19.07.2014 | 12:27 |
Turkey suggested using national currencies in trade with Russia, Russia’s Ministry of Economic Development said Saturday.
"Turkey is offering Russia to switch to national currencies in mutual
payments," the ministry's press service announced after the meeting
between Russia's Economic Development Minister Alexei Ulyukayev and his
Turkish counterpart Nihat Zeybekçi in Australia.
The ministers met at the B20 (Business-20) forum, which gathers business leaders of the Group of 20 (G20) members.
The trade volume between Russia and Turkey amounted to $32.7 billion in
2013. Russia is Turkey's second-largest trade partner after the
European Union. Turkey ranks eighth among Russia's foreign trade
partners.
Russian authorities considered renewing the talks on switching to
national currencies in order to decrease the dependence on the US dollar
amid tense relations with the West due to the Ukrainian crisis.
The trade volume between the two nations fell 4.5 percent last year but
recovered 0.6 percent in the first five months of 2014 due to the
growth of Russian export, Ulyukayev said.
"[The fall] is largely explained by the unfavorable global economic
environment. Our task is to put maximum effort to preserve the positive
dynamics of the bilateral trade," the Russian minister said.
The issue is currently under the revision of the bilateral working group on cooperation in banking and finance.
The Turkish side has also expressed interest in building a transport
and logistics hub in Russia with links to sea ports, airports, railways
and highways, Zeybekçi said. The ministers plan to discuss the issue in
Istanbul in September, according to the Russian ministry.
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Businessmen in office
© Fotolia/ yanlev
© Fotolia/ yanlev
10:54 18/07/2014
MOSCOW,
July 18 (RIA Novosti) - America’s sanctions against Russia over the
Ukrainian crisis demonstrate Washington's impotence and will mainly hurt
US businesses and Washington’s allies, former Assistant Secretary of
the Treasury Paul Craig Roberts told RIA Novosti on Friday.
“The sanctions announced by the Obama regime against Russian defense and energy companies are a demonstration of Washington’s impotence,” Roberts asserted, adding that they will cause more damage to the US banks that are now prohibited from doing business with Russian companies. “The Russian companies can borrow, if they need loans, from European banks or from China, and have no need for US bank loans. It is in Russia’s strategic interests to have no business relationships with the US.”
“Sanctions are encouraging countries to withdraw from the dollar payments system that is the foundation of US power," Roberts added. "Even Washington’s NATO puppet states are becoming unwilling to hurt their own economies in order to help boost Washington’s power over Russia."
US President Barack Obama has announced new sanctions against Russia targeting companies and institutions in defense, energy and banking sectors of the Russian economy on Wednesday. Commenting on President Obama's move, Russian President Vladimir Putin said that the new sanctions would push US-Russia relations to a dead end, and warned of the sanctions' boomerang effect.
The former Assistant Secretary of the Treasury drew parallels between Washington’s sanctions against Russia and Iran. According to Roberts, the US sanctions against the latter have already cost US businesses billions of dollars.
“The sanctions have harmed global shipping insurers in London, Japanese shipping companies, and prevented South Korea’s access to Iranian liquefied petroleum gas,” he explained adding that many countries have already learnt from Washington's sanctions that there is no reason for them to compromise their sovereignty by using the dollar payments system and, thereby, placing themselves "under Washington’s thumb."
“Sanctions demonstrate that Washington does not approach the world with diplomacy but with bribes, threats, and coercion,” Roberts said. “Russia and China use diplomacy, and thus Russia and China are prevailing
“The sanctions announced by the Obama regime against Russian defense and energy companies are a demonstration of Washington’s impotence,” Roberts asserted, adding that they will cause more damage to the US banks that are now prohibited from doing business with Russian companies. “The Russian companies can borrow, if they need loans, from European banks or from China, and have no need for US bank loans. It is in Russia’s strategic interests to have no business relationships with the US.”
“Sanctions are encouraging countries to withdraw from the dollar payments system that is the foundation of US power," Roberts added. "Even Washington’s NATO puppet states are becoming unwilling to hurt their own economies in order to help boost Washington’s power over Russia."
US President Barack Obama has announced new sanctions against Russia targeting companies and institutions in defense, energy and banking sectors of the Russian economy on Wednesday. Commenting on President Obama's move, Russian President Vladimir Putin said that the new sanctions would push US-Russia relations to a dead end, and warned of the sanctions' boomerang effect.
The former Assistant Secretary of the Treasury drew parallels between Washington’s sanctions against Russia and Iran. According to Roberts, the US sanctions against the latter have already cost US businesses billions of dollars.
“The sanctions have harmed global shipping insurers in London, Japanese shipping companies, and prevented South Korea’s access to Iranian liquefied petroleum gas,” he explained adding that many countries have already learnt from Washington's sanctions that there is no reason for them to compromise their sovereignty by using the dollar payments system and, thereby, placing themselves "under Washington’s thumb."
“Sanctions demonstrate that Washington does not approach the world with diplomacy but with bribes, threats, and coercion,” Roberts said. “Russia and China use diplomacy, and thus Russia and China are prevailing