The process of de-dollarization has practically started, according to Russian Minister of Foreign Affairs Sergey Lavrov. Moscow’s topmost diplomat is convinced that Russia’s position on the matter is participated by numerous different countries while the West is undermining the part 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 earlier in motion, supported by a number of nations. talking during the rearmost assembly of Russia’s Council on Foreign and Defense Policy suppose tank on Saturday, he said:
De-dollarization has begun, both in practice and in conceptual speeches.
Lavrov pointed out Brazil’s suggestion that the BRICS summit in August should consider securing financial deals within the organization representing the leading emerging economies and safeguarding its New Development Bank from “ abuse ” stemming from the “ dollar’s patient part. ”
“ We're putting forward numerous different initiatives concerning this issue, ” the diplomat noted, quoted by the Tass and RIA Novosti news agencies. He similarly emphasized that the Russian Federation’s position in that regard is shared by numerous allies and like-minded friends.
Russia has been the target of unprecedented sanctions over its invasion of Ukraine, including financial limitations that have limited its access to global finances and markets. Lavrov remarked that the West is now sending emissaries to different 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 different countries. And they will probably have a certain result, a certain advantage in the short term, ” Sergey Lavrov evolved.
“ But in the long term, they, and first and foremost the Americans, are hewing down the bough on which they're sitting ... including the works of the International Monetary Fund, the World Bank, and the part of the dollar in the world’s economy, ” he wrapped up.
(Lubomir Tassev, Bitcoin.com, 2023)