Russia seeks to dump dollar as new US sanctions loom

Russia wants to reduce its reliance on US dollars in trade and finance. [Photo: AFP]

Moscow is intensifying efforts to wean its economy off the dollar as Washington considers tough new sanctions that could deny Russia access to foreign debt markets and cut its banks from the greenback.

President Vladimir Putin has repeatedly slammed the US unit's dominance on the world's stage but the country's previous efforts to de-dollarize its economy have so far had little success.