Putin orders to end trade in US dollars at Russian seaports

[Ares]

Russian President Vladimir Putin has instructed the government to approve legislation making the ruble the main currency of exchange at all Russian seaports by next year, according to the Kremlin website.

To protect the interests of stevedoring companies with foreign currency obligations, the government was instructed to set a transition period before switching to ruble settlements.

According to 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.

The proposal to switch port tariffs to rubles was first proposed by the president a year and a half ago. The idea was not embraced by large transport companies, which would like to keep revenues in dollars and other foreign currencies because of fluctuations in the ruble.

Artemyev said the decision will force foreigners to buy Russian currency, which is good for the ruble.

In 2016, his 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.

https://www.rt.com/business/403804-russian-sea-ports-ruble-settlements/

[vacuum]

Seems like a no-brainer

[Joshua01]

Why can't our politicians make decisions which helps our country like that?
Russian President Vladimir Putin has instructed the government to approve legislation making the ruble the main currency of exchange at all Russian seaports by next year, according to the Kremlin website.

To protect the interests of stevedoring companies with foreign currency obligations, the government was instructed to set a transition period before switching to ruble settlements.

According to 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.

The proposal to switch port tariffs to rubles was first proposed by the president a year and a half ago. The idea was not embraced by large transport companies, which would like to keep revenues in dollars and other foreign currencies because of fluctuations in the ruble.

Artemyev said the decision will force foreigners to buy Russian currency, which is good for the ruble.

In 2016, his 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.

https://www.rt.com/business/403804-russian-sea-ports-ruble-settlements/

[Neuro]

Seems like a no-brainer

I guess it depends to some extent on how strong the country is. If the economy is really weak, they will prefer $US, just to get them into the coffers, for trading goods and services, payment of foreign loans etc. Once foreign trade is balanced and there is little debt denominated in USD, starting demanding payment in Russian Rubles for goods and services instead of dollars will strengthen the rubel immensely. The sanctions waged against Russia since they annexed Crimea and their counter sanctions against western products has boosted Russian domestic production, and Western Europe had no choice but to continue to buy Russian Gas. They have had the opposite effect of what was intended, it strengthened Russia to the point they can now take measures to strengthen the Ruble, like ask for payment in their own currency.

[Horn]

This is a dollar positive decree +1

[Cebu_4_2]

This is a dollar positive decree +1


Look at silver go!

[Horn]

The timing of such a decree is probably the worst with global economy starting to slug, let alone making it into a public decree which is silly, if your Putin you should just "do it".

Jews love and make boatloads of dough off exchanges with the news, it can only sap Russia at the midterm.

[Neuro]

The timing of such a decree is probably the worst with global economy starting to slug, let alone making it into a public decree which is silly, if your Putin you should just "do it"

I disagree, decreeing it is an excellent way of boosting public confidence/moral domestically, essentially he is saying that our days whoring for USD is over, the Russian ruble has been trashed since 1917, not anymore, now we demand payment in Russian Rubles, we don't care about your stinking dollars euros Swiss francs yen etc. If you want to do business with us you pay us in Rubles. When I was in Moscow 1992 the Moscow Metro costed 30 Kopek (and they have a very nice subway with crystal chandeliers at the stations) at a time when a dollar bought you 200 Rubles. I travelled from Tallin in Estonia in a berth in the sleeper carriage in the Train for $1. But if you wanted a pair of Levis you payed 6000 Rubles ($30). This was very humiliating times for the Russian psyche. Putin is definitely doing the right thing, in his interest, to decree this, and if you haven't lived in a country who have had a currency that had junk status for a hundred years you will probably not be able to fully appreciate the pride the average Russian feel right now.

[Horn]

Sure, Neuro will see if a Ruble fiat in a sea of fiat will have that kind of sway.

Lol, Ruble like Nemo that little orange fish in that disney cartoon.

Is purley political move, i guess he'll have some idiotic fiat patriots rallying to his purse, for what the weekend?

Before Schlomo positions himself to suck the life from Nemo.

[Neuro]

Sure, Neuro will see if a Ruble fiat in a sea of fiat will have that kind of sway.

Lol, Ruble like Nemo that little orange fish in that disney cartoon.

Is purley political move, i guess he'll have some idiotic fiat patriots rallying to his purse, for what the weekend?

Before Schlomo positions himself to suck the life from Nemo.

Very odd indeed that smart politicians make political moves that makes them look better... ;)

[Horn]

Sure, what looks better for any politician typically works to deflate his populatuons.

This global decree probably works to support dollar exchange markets up if anything, flattens a Ruble.

[Neuro]

Sure, what looks better for any politician typically works to deflate his populatuons.

This global decree probably works to support dollar exchange markets up if anything, flattens a Ruble.

Ruble is terrible right now...

Surging oil prices keep Russian ruble world’s strongest currency
https://www.rt.com/business/404623-russian-ruble-strongest-currency-oil/

[Horn]

Sure, its the weekend. Wait for the ricochet and disregarded threats.