US sanctions have abraded trust in dollar: Putin

Moscow, Oct 19 (UNI) US sanctions against Russia and others have eroded international trust in the United States dollar, said Russian President Vladimir Putin.

While addressing an international policy forum in Sochi on Thursday, Putin said the US sanctions against companies that engage in trade with Iran would spur the creation of payment systems that don’t depend on the dollar.

The Russian leader said the policy in Washington ‘undermines trust in the dollar as a universal payment instrument and the main reserve currency.’

Russia was forced to sharply reduce the share of US Treasuries in its currency reserves,said a report in IRNA.

He said, “We did that not because we wanted to undermine the dollar, but because of sanctions that have been introduced against us.”