In a press conference this morning, the Russian president said his country doesn't plan to abandon holding reserves in U.S. dollars though he said that the risk of sanctions is prompting Russia to diversify its foreign currency assets.

"As for our American partners and the restrictions they impose involving the dollar," he added,

"I think that is a major strategic mistake because they're undermining confidence in the dollar as a reserve currency."

Putin did however caution that the US is making a big mistake if it hopes to use the dollar as a political weapon:

"Regarding our American partners placing limitations, including those on dollar transactions, I believe is a big strategic mistake. By doing so, they are undermining the trust in the dollar as a reserve currency"

In this vein, Putin added that many countries are discussing the creation of new reserve currencies, noting that China's yuan is a potential reserve currency, but concluded:

"We will continue to use the US dollar unless the United States prevents us from doing so."