De-Dollarization Trend Irreversible, Flight From US Dollar Sure to Accelerate, Says Russian Official

0 0

Russian Official: Flight From the US Dollar Is Sure to Accelerate, De-Dollarization Trend Is Irreversible

knife

Russia’s foreign minister says a flight from the U.S. dollar “is sure to accelerate,” emphasizing that “this trend is irreversible.” The official added: “The path of sanctions is the path to nowhere. Serious countries and sober-minded politicians are drawing relevant conclusions and these conclusions are definitely in favor of terminating dependence on the West.”

Russian Official on De-Dollarization Trend Accelerating

Russia’s Minister of Foreign Affairs, Sergey Lavrov, said at a press conference on Friday that the shift away from using the U.S. dollar as the medium of exchange in global trade in favor of national currencies is an irreversible trend, Russian media Tass reported.

The Russian official also stressed that it is important to actively work towards neutralizing security threats, including those that originate from the U.S., in cooperation with the Commonwealth of Independent States (CIS) countries. Lavrov added that in formulating military, political, and diplomatic plans, Russia has taken into account Western countries’ attempts to incite conflicts near its borders. He continued:

We are starting to see a flight from the dollar. So far, it is not all that swift, but it is sure to accelerate. In fact, this trend is irreversible.

“The U.S. has already, for real, sawed off the tree limb that it was perched on, managing global financial flows and the world economy as a whole by leveraging the dollar’s dominant role,” the top Russian diplomat claimed.

“Despite the threats that our partners have received from the U.S. and the European Union not to cooperate with the Russian Federation and the Republic of Belarus under pain of so-called secondary sanctions and other penalties, trade flows across the CIS are growing,” he emphasized, noting that trade increased by more than 6% last year, amounting to over $100 billion.

“The agreement on free trade in services among CIS countries that is currently being readied for signing will give an impetus for further expansion of economic interaction,” Lavrov added, concluding:

The path of sanctions is the path to nowhere. Serious countries [and] sober-minded politicians are drawing relevant conclusions and these conclusions are definitely in favor of terminating dependence on the West.

On Friday, Russian Finance Minister Anton Siluanov also told reporters that Russia is moving away from using the U.S. dollar when paying for exports and reducing settlements in USD with contractors, Tass further reported.

“We are now focusing on settlements in national currencies, rubles, and the currencies of friendly countries,” the official said, adding:

Settlements in dollars are going down gradually, especially for supplies of Russian export goods, settlements between our contractors, to make it easier and more comfortable for our foreign trade partners to pay.

Recently, the Russian Minister of Foreign Affairs said that the BRICS nations (Brazil, Russia, India, China, and South Africa) are pushing to expand their global influence to counter Western countries’ “destructive actions.” The BRICS countries are also reportedly working to create a new form of currency. Economist Nouriel Roubini expects a shift to a bipolar global reserve currency with the Chinese yuan as an alternative to the U.S. dollar.

What do you think about the de-dollarization trend? Do you think the U.S. dollar will lose its status as the world’s reserve currency? Let us know in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 27,809.45
ethereum
Ethereum (ETH) $ 1,903.64
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 312.60
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.500746
cardano
Cardano (ADA) $ 0.381614
staked-ether
Lido Staked Ether (STETH) $ 1,901.85
dogecoin
Dogecoin (DOGE) $ 0.072762
matic-network
Polygon (MATIC) $ 0.907066
solana
Solana (SOL) $ 20.87
tron
TRON (TRX) $ 0.076456
polkadot
Polkadot (DOT) $ 5.47
litecoin
Litecoin (LTC) $ 91.42
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.50
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,846.46
uniswap
Uniswap (UNI) $ 5.16
chainlink
Chainlink (LINK) $ 6.58
leo-token
LEO Token (LEO) $ 3.56
cosmos
Cosmos Hub (ATOM) $ 10.81
okb
OKB (OKB) $ 47.06
monero
Monero (XMR) $ 154.04
the-open-network
Toncoin (TON) $ 1.87
ethereum-classic
Ethereum Classic (ETC) $ 18.33
stellar
Stellar (XLM) $ 0.089587
bitcoin-cash
Bitcoin Cash (BCH) $ 114.97
internet-computer
Internet Computer (ICP) $ 4.90
true-usd
TrueUSD (TUSD) $ 0.999889
filecoin
Filecoin (FIL) $ 4.65
lido-dao
Lido DAO (LDO) $ 2.22
aptos
Aptos (APT) $ 8.47
hedera-hashgraph
Hedera (HBAR) $ 0.052617
quant-network
Quant (QNT) $ 111.14
arbitrum
Arbitrum (ARB) $ 1.23
crypto-com-chain
Cronos (CRO) $ 0.060585
vechain
VeChain (VET) $ 0.020598
near
NEAR Protocol (NEAR) $ 1.63
apecoin
ApeCoin (APE) $ 3.20
ggtkn
GGTKN (GGTKN) $ 0.112323
the-graph
The Graph (GRT) $ 0.126243
algorand
Algorand (ALGO) $ 0.151592
the-sandbox
The Sandbox (SAND) $ 0.557203
paxos-standard
Pax Dollar (USDP) $ 0.999578
frax
Frax (FRAX) $ 1.00
edgecoin-2
Edgecoin (EDGT) $ 1.00
eos
EOS (EOS) $ 0.900812
aave
Aave (AAVE) $ 67.27
rocket-pool
Rocket Pool (RPL) $ 49.49
elrond-erd-2
MultiversX (EGLD) $ 36.98
render-token
Render (RNDR) $ 2.54
fantom
Fantom (FTM) $ 0.327939
decentraland
Decentraland (MANA) $ 0.482962
theta-token
Theta Network (THETA) $ 0.877814
tezos
Tezos (XTZ) $ 0.943068
blockstack
Stacks (STX) $ 0.629649
axie-infinity
Axie Infinity (AXS) $ 7.10
rocket-pool-eth
Rocket Pool ETH (RETH) $ 2,041.46
flow
Flow (FLOW) $ 0.752007
havven
Synthetix Network (SNX) $ 2.43
immutable-x
ImmutableX (IMX) $ 0.765948
neo
NEO (NEO) $ 10.76
bitdao
BitDAO (BIT) $ 0.51281
usdd
USDD (USDD) $ 0.998703
kucoin-shares
KuCoin (KCS) $ 7.46
gala
GALA (GALA) $ 0.029967
radix
Radix (XRD) $ 0.070128
curve-dao-token
Curve DAO (CRV) $ 0.856411
whitebit
WhiteBIT Token (WBT) $ 4.78
gatechain-token
Gate (GT) $ 4.90
bitcoin-sv
Bitcoin SV (BSV) $ 34.22
conflux-token
Conflux (CFX) $ 0.31345
bitget-token
Bitget Token (BGB) $ 0.461717
iota
IOTA (MIOTA) $ 0.223088
kava
Kava (KAVA) $ 1.13
injective-protocol
Injective (INJ) $ 7.48
klay-token
Klaytn (KLAY) $ 0.191223
pepe
Pepe (PEPE) $ 0.000001
bittorrent
BitTorrent (BTT) $ 0.0000006057623
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
maker
Maker (MKR) $ 638.18
sui
Sui (SUI) $ 1.05
casper-network
Casper Network (CSPR) $ 0.049424
chiliz
Chiliz (CHZ) $ 0.10054
huobi-token
Huobi (HT) $ 3.19
mina-protocol
Mina Protocol (MINA) $ 0.567525
tokenize-xchange
Tokenize Xchange (TKX) $ 6.45
pax-gold
PAX Gold (PAXG) $ 1,950.54
optimism
Optimism (OP) $ 1.53
terra-luna
Terra Luna Classic (LUNC) $ 0.000087
frax-share
Frax Share (FXS) $ 6.94
marumarunft
marumaruNFT (MARU) $ 0.249968
gmx
GMX (GMX) $ 56.38
ecash
eCash (XEC) $ 0.000025
dash
Dash (DASH) $ 43.22
compound-ether
cETH (CETH) $ 38.23
tether-gold
Tether Gold (XAUT) $ 1,937.53
trust-wallet-token
Trust Wallet (TWT) $ 1.09