Russia declared that it will shun the US dollar for trade as they join forces with Turkey in protest against Trump’s sanction hikes.
Moscow has announced that it will reduce its ownership of US holding as a form a strike back against the tariffs imposed by US President Donald Trump and Turkey.
Russian Prime Minister Dmitry Medvedev said that his country will regard any US move to curb the activities of its banks as a “declaration of economic war” and added the country would retaliate.
Trump threatened new sanctions against Russia, when he alleged that Moscow was behind the Salisbury Nivichok nerve agent attack on former Russian spy Sergei and daughter Yulia, earlier in the year.
Russian Finance Minister Mr Anton Germanovich Siluanov said in a television interview that “the sanctions were unpleasant but not fatal”, Siluanov used the interview to further explain how Russia is decreasing holdings of US assets.
He said: “We have lowered to the minimum level and will further decrease our investment in the US economy, in the US securities.
“Eventually, this will negatively impact US investors. But we are not planning now any limitations such as shutting down McDonalds.
“Our citizens work in these companies; these companies pay taxes into the budget of our country.
Mr Siluanov made it clear that there no intentions of banning the use of US dollars in Russia.
Russia’s ruble fell to a two-year low following the threat of sanctions which were imposed upon Turkey.