US President Barack Obama has publicly opposed Russia’s initiative for the first time during his presidency. Obama rejected Russia’s idea to replace the dollar with a new international currency, which immediately led to the growth of the US dollar on the international financial market.
Russia put forward a suggestion to the IMF to look into the opportunity to create a supernational reserve currency which would be issued by international financial institutions. Russia also suggested a diversification of the currency structure of reserves, operations of national banks and international financial organizations.
Many countries, including Iran, China, Kazakhstan and several Arab states, supported Russia’s idea to replace the dollar with a new currency. The governments of those countries believe that the doubtful dollar settlement in the oil industry will soon become a matter of the past.
Now what's happening with the rouble and does Russia mean the Euro or the world currency currently being mooted?