Putin did not nationalize the Russian bank, create a currency
The claim: Vladimir Putin nationalized the Russian bank to end Rothschild control, banned GMOs and created a currency to compete with the dollar
Disinformation aimed at boosting Russian President Vladimir Putin’s image amid Ukraine invasion has surged online in recent weeks. Some social media users are sharing a years-old claim that Putin built key Russian institutions.
“Vladimir Putin. He ended Rothschild (sic) control over Russia by nationalizing Russia’s centralized bank,” a shared Facebook post read. over four years ago. “He banned (genetically modified organisms) and created a currency to compete with the dollar.”
The post has generated more than 39,000 shares since it was posted on March 14, 2018, and it has recently regained traction on Facebook. Similar posts racked up hundreds of interactions on Facebook.
But the assertion is off the mark, because independent fact-checking organizations have reported.
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The Russian bank was nationalized long before Putin’s first term, the Rothschilds never controlled Russia, and Putin did not create money. But he banned GMOs in the country.
USA TODAY has reached out to social media users who shared the claim for comment.
Central bank created in the 19th century
Russia’s first central bank – the country’s main public credit institution – was established a century before Putin was named president in March 2000.
Former Russian Emperor Alexander II established the institution, originally called the “State Bank”, in 1860 for the purpose of “short-term business loans”. according to its official website.
This decision was also an attempt to reorganize the National Commercial Bank of Russia. The bank was established in 1818 to “improve the credit institutions of the country” but did not have “central bank status”, according to the Boris Yeltsin Presidential Library.
Throughout the 1900s, the State Bank played many roles, including “covering military expenditures” during World War I and initiating foreign exchange transactions, according to its website. It was renamed “Bank of Russia” in 1992 after the dissolution of the Soviet Union.
The Rothschilds never controlled Russia
USA TODAY has found no evidence that the Rothschild family ever controlled Russia.
None of names of family members appear on a list of russian rulers dating from 1267. Their names also do not appear on a list of high government officials who served in 2018the year the Facebook post was first released.
But Rothschild & Co., the family’s financial advisory firm, has an office in Moscow, according to an archived version from the company’s website. He’s been there for almost a decade.
USA TODAY previously debunked a claim that Putin banned the Rothschild family from entering Russia.
The Russian government banned GMOs under Putin
Former Deputy Prime Minister Arkady Dvorkovich first announced the Russian government’s plan to ban GMOs at an international biotechnology conference in 2015, according to Reuters.
This plan materialized in 2016when the State Duma passed a bill June 24, which established “a ban on the cultivation and breeding” of GMO plants and animals in Russia, except for “examinations and research work”.
The bill also required “importers of GMO products” to complete a mandatory public registration, according to TASS, a Russian public news agency. The upper house of the Russian parliament approved the bill on June 29, 2016, and Putin signed it into law on July 4.
The ruble goes back centuries
There is no evidence that Putin created a new form of currency in Russia, as the post claims.
The origins of the ruble, the official currency of Russia, “go back to the 13th century”. according to Britannica. In 1704, Russian Tsar Peter I launched the “first regular minting of the silver ruble,” the encyclopedia says.
Putin first announced a plan to create a form of digital currency known as the crypto-ruble in 2017. according to Investing.com. The Financial Times reported in 2018 that Putin had “commissioned work” on the development of the crypto-ruble as Moscow sought to circumvent Western sanctions at the time.
But USA TODAY found no reports of the digital currency being used in 2018, when the message was posted.
Our opinion: Partially false
Based on our research, we find the claim that Putin nationalized the Russian bank to end Rothschild control, banned GMOs, and created a currency to compete with the dollar to be PARTLY FALSE. Putin signed a law banning GMOs, but the rest of the post’s claims are false.
Russia’s central bank was established in 1860, more than a century before Putin began his first presidential term. The Rothschild family never controlled Russia. And Putin did not create a new form of currency.
Our fact-checking sources:
- Main Stories, April 18, Fact Check: Putin Did NOT End Rothschild Control of Russia by Nationalizing the Russian Central Bank – The State Bank Was Established Over a Century Ago
- Bank of Russia, accessed April 21 History of the Bank of Russia
- Boris Yeltsin Presidential Library, accessed April 21 ESTABLISHMENT OF THE STATE BANK OF THE RUSSIAN EMPIRE
- Britannica, accessed April 21 Vladimir Poutine
- Britannica, accessed April 21 Rothschild family
- FactCheck.org, March 8, Rothschild & Co. has an office in Russia, contrary to social media conspiracy claim
- Britannica, accessed April 21 Rulers of Russia from 1276
- Rothschild & Co via WayBack Machine, accessed April 21 Our services in Russia and the CIS
- The Rothschild archives, consulted on April 21 A to Z List of Rothschild Family Members
- USA TODAY, March 3, Fact Check: No Evidence Putin Banned Rothschild Family From Russia
- The Russian government, consulted on April 21, Senior Russian government officials
- The Russian government via WayBack Machine, accessed April 21 Senior Russian government officials
- Library of Congress, July 1, 2016, Russia: complete ban on food containing GMOs
- The Moscow Times, June 24, 2016, Russian State Duma bans import and production of GMOs
- Reuters, September 23, 2015, Government decides to ban production of GMO foods in Russia: Deputy PM
- TASS, July 5, 2016, Russian president signs law banning GMO production
- Bitcoin.com, January 2, 2018, Putin wants to use the cryptoruble to evade sanctions but the Bank of Russia is skeptical
- Investing.com, October 19, 2017, Russia Considers Official Cryptocurrency Called “CryptoRuble”
- Investopedia, accessed April 21 Russian ruble (RUB)
- Financial Times, January 1, 2018, Putin eyes ‘cryptoruble’ as Moscow seeks to evade sanctions
- National Geographic, accessed April 21 Genetically modified organism
- Global Exchange, accessed April 21 Russian ruble
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