The Kremlin Spokesman Dmitry Peskov informed reporters on Tuesday that Russia is closely observing the state of the U.S. economy as talks of possible debt default continue. Peskov stated that the U.S. economy, along with the global economy, is currently facing certain problems, with inflation expectations staying at a high level. He added that all fiscal agencies are monitoring the situation and keeping a close eye on it.
The United States is currently experiencing a debt ceiling crisis, and Treasury Secretary Janet Yellen warned on Monday that the Treasury Department will not be able to pay all of the government’s debt obligations by June 1 unless Congress raises or suspends the debt ceiling. However, the Kremlin spokesperson noted that this is not the first time serious economic problems have emerged in the U.S., and solutions have been found in the past.
Russia ramps up de-dollarization efforts
Aside from monitoring the U.S. economic situation, Russia is also increasing its de-dollarization efforts after the U.S. seized around $300 billion in the Russian central bank assets frozen by sanctions. Russian President Vladimir Putin said last week that U.S. policies will backfire as Russia expands relations with friendly countries in Eurasia, Africa, and Latin America.
Furthermore, Russia is discussing the creation of a common currency with other BRICS nations, which include Brazil, Russia, India, China, and South Africa. The chairman of the State Duma Committee on the Financial Market said that an agreement on the BRICS currency can be reached in 2023. As Russia continues to face economic challenges, it is seeking to strengthen its relationships with other nations and reduce its dependence on the U.S. dollar.