De-dollarization trend is irreversible, flight from US dollar will surely accelerate, says Russian official CryptoCurrencies and ICOs

The Russian foreign minister says that a flight from the US dollar “will surely accelerate”, stressing that “this trend is irreversible”. The official added: “The path of sanctions is the path to nowhere. Serious countries and sober politicians are drawing relevant conclusions, and these conclusions are definitely in favor of ending dependence on the West.”

Russian official on accelerating de-dollarization trend

Russian Foreign Minister Sergey Lavrov told a press conference on Friday that the abandonment of the use of the US dollar as a medium of exchange in world trade in favor of national currencies is an irreversible trend, the Russian media reported. Tass.

The Russian official also stressed that it is important to actively work to neutralize security threats, including those originating from the US, 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’s not that fast, but it will speed up for sure. In fact, this trend is irreversible.

“The United States has already, indeed, severed the branch of the tree on which it was perched, managing global financial flows and the world economy as a whole by taking advantage of the dominant role of the dollar,” the top Russian diplomat said.

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

“The agreement on free trade in services between the CIS countries that is currently being prepared 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 politicians are drawing relevant conclusions and these conclusions are definitely in favor of ending dependence on the West.

On Friday, Russia’s Finance Minister Anton Siluanov also told reporters that Russia is moving away from using the US dollar when paying for exports and reducing US dollar deals with contractors, Tass reported.

“Now we are focusing on agreements in national currencies, rubles and currencies of friendly countries,” the official said, adding:

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

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

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

kevin helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.