Russian businesses won't repay loans to U.S. banks

 

Russia can circumvent the economic sanctions being applied by the United States and Europe through the use of other currencies and the creation of its own payment system, Sergei Glazyev, an economic adviser to Russian President Vladimir Putin, said Tuesday, according to The Voice of Russia.

To be sure, a senior Kremlin official said Glazyev was merely voicing his "personal opinion" rather than government policy, the news service reported.

In any case, he said, "we have wonderful economic and trade relations with our southern and eastern partners. We will find a way not just to eliminate our dependence on the U.S., but also profit from these sanctions."

The penalties would also mean that Russian businesses won't repay loans to U.S. banks, Glazyev said. "If the U.S. chooses to freeze our assets, then our equities and liabilities in dollars will also be frozen," he said.

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