De-dollarization Has Already Started, Says Russia’s Foreign Minister Lavrov

The process of de-dollarization has practically started, according to Russian Minister of Foreign Affairs Sergey Lavrov. Moscow’s top diplomat is convinced that Russia’s position on the matter is shared by many other countries while the West is undermining the role of the U.S. currency.

Russia’s Sergey Lavrov Announces Beginning of De-dollarization of Global Economy

Russian Foreign Minister Sergey Lavrov believes that the de-dollarization of the world economy is already in motion, backed by a number of nations. Speaking during the latest assembly of Russia’s Council on Foreign and Defense Policy think tank on Saturday, he stated:

De-dollarization has begun, both in practice and in conceptual speeches.

Lavrov highlighted Brazil’s suggestion that the BRICS summit in August should consider protecting financial transactions within the organization representing the leading emerging economies and safeguarding its New Development Bank from “abuse” stemming from the “dollar’s persistent role.”

“We are putting forward many other initiatives concerning this issue,” the diplomat remarked, quoted by the Tass and RIA Novosti news agencies. He also emphasized that the Russian Federation’s position in that regard is shared by many allies and like-minded friends.

Russia has been the target of unprecedented sanctions over its invasion of Ukraine, including financial restrictions that have limited its access to global finances and markets. Lavrov noted that the West is now sending emissaries to other countries, demanding that they sever most, if not all, of their trade, economic and investment ties with Russia.

“They [Western nations] know well how to play on the difficulties they themselves create for other countries. And they will probably have a certain result, a certain benefit in the short term,” Sergey Lavrov elaborated.

“But in the long term, they, and first and foremost the Americans, are hewing down the bough on which they are sitting … including the roles of the International Monetary Fund, the World Bank, and the role of the dollar in the world’s economy,” he concluded.

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