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Disinfo: Russia and China inflict a destructive blow to the dollar

Summary

Russia and China inflicted a destructive blow to the dollar by signing an intergovernmental agreement on payment exchanges in national currencies. Further measures, such as payment mechanisms outside the SWIFT system and standardised exchange rates, will follow in the frame of a “de-dollarisation” process initiated in 2018.

Disproof

The affirmation that the agreement between Russia and China inflicted a “destructive blow” to the dollar is part of a narrative related to the power of the dollar in international affairs, which is a critical matter for Russia due to the burden of sanctions.

This is also coincidental with comments by President Vladimir Putin on the need to rethink the role of the dollar in global trade. Russia is trying to reduce its share of dollars as currency reserves, trading them for euros, yuan, yen and gold. However, the US dollar share of global currency reserves is still above 61 per cent, while the euro is over 20 per cent. In comparison, the Chinese yuan, while rising, does not reach 2 per cent, and the Russian rouble is not considered as a reserve currency due to its volatility.

Three quarters of Russia’s international trade is performed in dollars. Almost 90 per cent of Russia-China trade is currently paid in dollars. Previous initiatives by China and Russia to integrate local currencies in their respective payment systems have failed. So, calling this agreement a “destructive blow to the dollar” is a distortion of facts.

Other examples of disinformation about the Russian economy can be seen here, here and here.

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  • Reported in: Issue 157
  • DATE OF PUBLICATION: 28/06/2019
  • Language/target audience: Spanish, Castilian
  • Country: China, Russia
  • Keywords: economy, Economic difficulties
  • Outlet: Sputnik Spanish
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Reconnecting Donbas with Ukraine is unrealistic

The people of Donbas has drawn a line against the regime in Kyiv. You cannot work with a country whose army shelled you. The people of Donbas has shown the will to live in the Russian world.

The war has made a comeback to Ukraine unlikely, no offence to the new President Zelenskyy.

The Russian army has never occupied Donbas. As Russia grants citizenship to the inhabitants of the region, it will now be populated by Russian citizens. What appears to be a provocation of the Kremlin for Western capitals will perhaps become a factor of pacification of the region.

July 02, 2019
Disproof

Distributing Russian citizenship to the inhabitants of Donbas is a violation of the international law and such citizenship won't be recognised by the international community, as it was prior the case with the inhabitants of Georgia to whom Russia started "passportisation", or Crimea.

The EU condemns "passportisation" and estimates it as a step which aims to destabilise Ukraine further, as it was stated by the Spokesperson of the EU External Action:  "The signature by President Putin of a decree entitling, inter alia, people who permanently reside in certain areas of Ukraine's Donetsk and Luhansk regions to apply for Russian citizenship in a simplified manner, is another attack on Ukraine's sovereignty by Russia. The timing of such a decision immediately after Ukraine’s Presidential election, which demonstrated Ukraine's strong attachment to democracy and the rule of law, shows Russia’s intention to further destabilise Ukraine and to exacerbate the conflict. We expect Russia to refrain from actions that are against the Minsk agreements and impede the full reintegration of the non-Government controlled areas into Ukraine". Reed full statement here.

The Porton Down Laboratory denied that the poison used against Sergey Skripal was produced in Russia

The Porton Down Laboratory denied UK Prime Minister Theresa May’s allegations that the poison used against Sergey Skripal and his daughter was produced in Russia. 

July 02, 2019
Disproof

One of the many recurring pro-Kremlin disinformation narratives about the Skripal poisoning.

Earlier, pro-Kremlin media claimed that Porton Down might have manufactured Novichok, or that Porton Down laboratory was responsible for the Amesbury poisoning.

The US is deploying launch systems that are prohibited by the INF Treaty

In military sites in Romania and Poland, the US is deploying launch systems that are capable of launching cruise missiles such as the Tomahawk, which is prohibited by the INF Treaty.

July 02, 2019
Disproof

Recurring pro-Kremlin narrative that the US is responsible for the demise of the INF Treaty because of its noncompliance with the Treaty in several areas.

The US government has issued detailed refutations of Russian accusations of US non-compliance with the INF Treaty. As has been explained in detail by the US government, the MK-41 launcher used at the Aegis Ashore Ballistic Missile Defence system deployed in Romania [to be deployed also in Poland] is only capable of launching defensive interceptor missiles. The Aegis Ashore system lacks the software, fire control hardware, support equipment, and other infrastructure needed to launch offensive ballistic or cruise missiles such as the Tomahawk. The Aegis Ashore system has never been tested for, nor is it capable of, launching a Tomahawk cruise missile, and therefore complies with the INF Treaty.

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Disclaimer

Cases in the EUvsDisinfo database focus on messages in the international information space that are identified as providing a partial, distorted, or false depiction of reality and spread key pro-Kremlin messages. This does not necessarily imply, however, that a given outlet is linked to the Kremlin or editorially pro-Kremlin, or that it has intentionally sought to disinform. EUvsDisinfo publications do not represent an official EU position, as the information and opinions expressed are based on media reporting and analysis of the East Stratcom Task Force.