Tuesday, June 6, 2023

Russia’s top diplomat has said that there is an increasing move away from using the U.S. dollar, which won’t stop anytime soon. He added that countries and leaders have realized it’s best to not be dependent on Western nations, and if they go down the route of imposing sanctions, it probably won’t work out for them.

Moving Away from the Dollar

Russia’s Foreign Affairs Minister, Sergey Lavrov said on Friday that people around the world are stopping using the U.S. dollar in their international trade and moving towards using their own national currencies instead – and this change is not reversible. This was reported by Russian media Tass.

Russian leaders think it is important to protect their country from any threat, including ones coming from the U.S., by working together with other countries in the Commonwealth of Independent States (CIS). They made plans to fight threats that include military and political steps, taking into account what Western countries might do near Russian borders.

People are starting to move away from the dollar. Although it’s not fast yet, this trend will eventually become stronger and unstoppable. The U.S. was controlling money around the world with their strong position of the dollar, but this is coming to an end now according to a high-ranking Russian official.

Some countries threatened to put penalties on Russia and Belarus if their partners worked with them. Despite this, the trade between these countries increased by 6% last year which is worth over $100 billion.

The agreement on free trade among countries in the Commonwealth of Independent States is nearly ready to be signed and will help to build stronger economic relationships. Sanctions, or punishments from other countries, usually don’t lead anywhere good. Smart politicians understand this and try to break away from depending on other nations for support.

Russian Finance Minister Anton Siluanov said on Friday that Russia isn’t going to use the U.S. Dollar anymore when it pays for their exports and deals with contractors. He also added that the Russian Government is more focused on using Rubles or currencies of friendly countries to pay for them instead.

The amount of money being paid for Russian export goods is decreasing, which makes it simpler and smoother for people in foreign countries to pay.

Recently, a minister from Russia said that the BRICS nations (Brazil, Russia, India, China and South Africa) are trying to grow their influence in the world so that they can stand against bad choices made by Western countries. The BRICS countries are also working together to establish their own currency. An economist has predicted that there will be two main currencies in charge of global trading—the Chinese yuan and the U.S. dollar.

Have you heard of the trend that’s happening right now, which is called “De-dollarization”? Do you think the U.S. dollar will still be the most popular currency around the world? Leave your answer in the comments section below!

Image Credits: Shutterstock, Pixabay and Wiki Commons


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