Russian Foreign Minister Sergey Lavrov has taken a strong stand on de-dollarization. He said that due to the US government’s declamatory rules, the BRICS countries which include Brazil, Russia, India, China and South Africa are trying to cut off payments in the US dollar.
This clearly demonstrates the BRICS nations’ approach towards reducing dependency on the US dollar. A BRICS summit will be held in August where this matter will be discussed properly. The alliance are also involved in the creation of a New Development Bank and in the August summit, they will discuss strategies to protect this bank from potential US threats.
Western Countries Trying to Hinder Russia’s Economic Growth
Lavrov believes that the US has created instability in the financial systems of various countries. He also said that the adoption of the US dollar as a standard payment method is a dirty tactic of the United States to set its dominance. Western nations have launched a coordinated effort to isolate Russia from the global financial system, and as a result, Russia is now taking measures in response to this.
Three Westerners, one from the US, one from Britain and one from the European Union recently took a tour of Central Asian countries telling them to cut off trade relations with Russia. Lavrov clearly says that this is the effort of the Western countries to hamper the economic progress of Russia.
This ongoing shift of de-dollarization has the potential to reshape the dynamics of international finance and exert an influence on the monetary policies of various nations. The dominance of the US dollar as well as various international institutions like the World Bank and the IMF can be compromised if this plan goes well, said the Russian Financial Minister.
