Head of Russia’s Second Biggest Bank: Russia to Completely Switch to Rubles for International Trade in 2-3 Years

In an interview published Tuesday in Russia’s Izvestia newspaper, the head of Russia’s #2 bank stated that he envisions the country being able to completely switch to the ruble in international settlements with two to three years.

Russia’s second biggest bank VTB has reduced its US dollar lending, Andrey Kostin the bank’s head said on the sidelines of the Russia Calling! forum on Wednesday.

“In general, we are trying to avoid extending dollar loans in order to de-dollarize the economy. This is right. Many businesses prefer to borrow dollars not because they need them, but because the currency looks less expensive. But in doing so, they assume currency risks without having dollar incomes. And this is wrong,” TASS quotes Kostin as saying.

According to the VTB head, currency loans should be limited to importers or those who really need them.

Kostin has been advocating moving away from the dollar for a long time. In an interview published Tuesday in Russia’s Izvestia newspaper he envisioned the country being able to completely switch to the ruble in international settlements with two to three years.

 Talking about the bank’s financial state, Kostin said he expects Russia's Central Bank to help fund foreign exchange liabilities:

"So far, we are not experiencing [a shortage of foreign exchange liquidity]. Possibly, the population will switch from rubles to US dollars and this will also add foreign currency to the banking sector," the VTB head said.
 http://rt.com/business/192192-vtb-restricts-dollar-lending/  Published time: October 01, 2014 14:06

http://www.bloomberg.com/news/2014-10-10/ecb-weighing-first-step-to-buying-yuan-for-foreign-reserves.html published Oct 10, 2014

The currency war against the U.S. dollar is continuing to heat up. China is also conducting trade in their currency with many countries. Both Russia and China continue to buy tons of gold as the west continues to manipulate the price of gold downward.

At some point the United States is going to be unable to sustain the mountain of debt required to keep our economy going. A new world currency is coming and it will be partially backed by gold. When this happens it will change our lives in many ways. The Bible says: The prudent see danger and take refuge, but the simple keep going and pay the penalty. Proverbs 27.12

Just as Joseph prepared during the seven good years in Egypt, then prospered during the seven famine years, now is the time for the wise to make preparations. Prepare physically in any way you can. Most of all prepare spiritually. Get right with the Lord in all your ways. A storm is coming!

Other countries following suit: http://rbth.co.uk/news/2014/10/10/russia_uae_considering_payments_in_national_currencies_40504.html