Russia’s Sergey Lavrov Signals the Dawn of De-dollarization
Russia’s Foreign Minister Sergey Lavrov has announced that the exciting process of de-dollarization is already underway. In a recent gathering of Russia’s Council on Foreign and Defense Policy, Lavrov confidently stated that de-dollarization is being put into action and discussed in various speeches.
Lavrov highlighted Brazil’s proposal to protect financial transactions within the BRICS summit and safeguard the New Development Bank from the dominance of the U.S. dollar. He further mentioned that Russia’s stance on de-dollarization is supported by many allies and like-minded nations.
The imposition of unprecedented sanctions on Russia, including financial restrictions, due to its invasion of Ukraine has prompted this movement towards de-dollarization. Lavrov pointed out that Western nations are pressuring other countries to sever their trade, economic, and investment ties with Russia.
Lavrov also emphasized the short-sightedness of the West’s approach, stating that while they may gain some immediate benefits, they are ultimately jeopardizing the International Monetary Fund, the World Bank, and the role of the U.S. dollar in the global economy.
In conclusion, the de-dollarization process is gaining momentum, with Russia leading the way and garnering support from various nations. Lavrov warned that the West’s actions may have short-term gains but could lead to long-term consequences for their own economic institutions.
Clever Robot News Desk 22nd May 2023
