Russia's Foreign Minister, Sergey Lavrov, has articulated a de-dollarization trend in global markets, noting that the flight from the U.S. dollar to settlements in other currencies is an irreversible one. The trend is underscored by increasing sanctions from the West, particularly from the United States. Meanwhile, Russia's Finance Minister, Anton Siluanov, has revealed that the country has been reducing settlements in U.S. dollars with contractors, instead opting to use national currencies and the currencies of friendly countries.

Lavrov attributes the de-dollarization trend to the Western countries’ “destructive actions” and their attempt to incite conflicts with Russia. The Russian Foreign Minister further explained that despite threats of sanctions by the United States and European Union, trade flows across the Commonwealth of Independent States (CIS) grew 6 percent last year, surpassing $100 billion.

Moreover, negotiations are occurring with the BRICS countries (Brazil, Russia, India, China, and South Africa) and their aim is to expand global influence, countering the West as well as creating a new form of currency. This development is being supported by economist Nouriel Roubini, who believes a shift to a bipolar global reserve currency is necessary, with the Chinese yuan as a viable alternative to the U.S. dollar.

The evidence indicates the U.S. dollar's dominant role in the global economy is weakening and this trend is expected to continue. While the Western nations have employed sanctions, the emerging economic players have developed strategies for diminishing their dependence on the dollar in international exchanges. Russia is a shining example of this intricate movement, evidencing that nations are uniting against the United States’ destructive political tactics. While strong international formations can introduce a new currency, the future of the global reserve currency remains undetermined.



Other News from Today