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Russia leaves the Dollar based monetary system and adopts a system of Sovereign Currency.

The implications are phenomenal!!!

“In 1990 the first priority of Washington and the IMF was to pressure Yeltsin and the Duma to “privatize” the State Bank of Russia, under a Constitutional amendment that mandated the new Central Bank of Russia, like the Federal Reserve or European Central Bank, be a purely monetarist entity whose only mandate is to control inflation and stabilize the Ruble. In effect, money creation in Russia was removed from state sovereignty and tied to the US dollar.”

2016: “The Stolypin club report advises to increase the investment, pumping up the economy with money from the state budget and by the issue of the Bank of Russia”. Putin decided to follow the Stolypin club advice as the new monetary policy of the country.

Russia escapes the Federal Reserve prison! Bravo Russia!

http://russia-insider.com/en/politics/putin-nyet-neo-liberals-da-national-development/ri16051

Explanation:

From 1991 the ruble system worked as follows:

“Any IMF member-country must ensure an instant exchange of all the national currency for the dollars and pounds from its reserves. This rule must be observed at any time. Otherwise, you will not be admitted into the IMF. You will not be counted among the ‘civilized’ nations. It is important to remember that.

This is how the system works:

• Russia sells some commodity on the global market;

• $100 enters the country;

• The central bank buys these dollars at the currency exchange;

• These dollars enter the central bank’s reserves;

• RUB 3,000 enters the Russian economy.”

( Source: http://borisanisimov.blogspot.nl/2010/10/nationalization-of-ruble.html )

… thus the ruble was owned by the Federal Reserve.

From 2016 on: the ruble will be owned by the Russians.

Note: the ECB is just what the Russian Central Bank was till 2016…