Once again, the Russian media has declared that Russia has successfully moved away from the American currency, thus setting an example for others. However, the rest of the world does not seem to be impressed with these claims. For instance, Austria is another country that prefers to use dollars instead of euros for gas settlements with Russia. The reason is obvious — market prices throughout the world are indicated in US dollars. This is how Federal Chancellor of Austria Sebastian Kurz explained the choice at the St Petersburg International Economic Forum. The Chancellor stressed that for Austria it is not an issue of geopolitics but rather a purely economic decision. The refusal from settlements in USD means losses from the difference in exchange rate which is not favorable for the country. “This is how the system works. It does not matter in which currency the prices are calculated. We are a small country, and for us, the issue of security matters more than the issue of price,” Sebastian Kurz said. President of Russia Vladimir Putin replied that global transactions in the US dollar are gradually decreasing. “We are ready to consider gas payments in national currencies as well, including the euro. We need multiple reserve currencies to guarantee the security and stability of the global economy and the financial system,” the President noted. However, these words have had no effect on the forum participants, and even such a small country as Austria did not back down on this matter.
