According to Sergey Lavrov, Russia’s Foreign Minister, the trend of moving away from the US dollar as a medium of exchange for global trade in favour of national currencies is an irreversible trend that is sure to accelerate. Lavrov stated that the United States is responsible for sawing off the tree limb that it was perched on when managing global financial flows and the world economy, leveraging the dollar’s dominant role. These comments come as Russia continues to lead the charge in de-dollarisation efforts.
The Russian official stated that it is important to actively work towards neutralising security threats, including those that originate from the United States in cooperation with the Commonwealth of Independent States (CIS) countries. In formulating military, political, and diplomatic plans, Russia has taken into account Western countries’ attempts to incite conflicts near its borders.
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Despite threats from the US 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. Trade increased by more than 6% last year, amounting to over $100 billion.
In addition, 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 that 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 favour of terminating dependence on the West.
Russian Finance Minister Anton Siluanov told reporters that Russia is moving away from using the US dollar when paying for exports and reducing settlements in USD with contractors. Siluanov stated that they are now focusing on settlements in national currencies, rubles, and the currencies of friendly countries. Settlements in dollars are gradually going down, especially for supplies of Russian export goods, settlements between contractors, to make it easier and more comfortable for foreign trade partners to pay.
Russia’s de-dollarisation efforts are not new. The country has been seeking to reduce its dependence on the US dollar for years, a response to US international sanctions that restrict business dealings between the two countries. Recently, the Russian Minister of Foreign Affairs stated 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 system with the Chinese yuan as an alternative to the US dollar. As these global changes take place, investors and businesses must keep tabs on what is happening in various countries around the world, particularly as they relate to the global financial system.
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