The restriction of payments in dollars has driven all countries to set their sights on payments in national currencies and keeping savings outside the United States, as trust in the West is being undermined, Russian President Vladimir Putin said on Tuesday.
"For example, restrictions on payments in dollars. Where does this lead? Because all countries are thinking about creating their own instruments, about creating new payment systems, they are thinking about whether it is worth keeping their savings in the United States or somewhere in Europe, whether it is worth investing their savings in the securities of these countries," Putin said at the plenary session of the ongoing Eastern Economic Forum in Vladivostok, adding that "trust [in those who impose these restrictions] is being undermined."
Commenting on the freezing of Russia's $300 billion gold reserves due to sanctions, Putin said, "We earned twice as much".
Additionally, the president said that it is necessary to reach an agreement with businesses so that they understand that it is more reliable to work in Russia.
"Today, the logistics chains for the supply of goods have almost been restored, everything has somehow returned to normal. Well, we see that this is also connected with the exchange rate of the national currency, among other things," Putin said, adding that the state and businesses should be equal partners.
The seizure of Russia's legally earned assets abroad is beyond the pale, Vladimir Putin said.
"The seizure of legally earned assets [abroad], you know it's not my assets, it's assets of our companies, businessmen, is simply beyond the pale," Putin said.