Putin says US sanctions erode trust in dollar

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Putin said at an international policy forum in Sochi on Thursday that the US sanctions against companies that engage in trade with Iran would spur the creation of payment systems that don't depend on the dollar.

The Russian leader said the policy in Washington 'undermines trust in the dollar as a universal payment instrument and the main reserve currency.'

Putin says Russia was forced to sharply reduce the share of US Treasuries in its currency reserves.

He said: 'We did that not because we wanted to undermine the dollar, but because of sanctions that have been introduced against us.'
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