{"id":19903,"date":"2023-04-16T03:43:19","date_gmt":"2023-04-16T03:43:19","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/de-dollarization-trend-irreversible-flight-from-us-dollar-sure-to-accelerate-says-russian-official-economics-bitcoin-news\/"},"modified":"2023-04-16T03:43:19","modified_gmt":"2023-04-16T03:43:19","slug":"de-dollarization-trend-irreversible-flight-from-us-dollar-sure-to-accelerate-says-russian-official-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/de-dollarization-trend-irreversible-flight-from-us-dollar-sure-to-accelerate-says-russian-official-economics-bitcoin-news\/","title":{"rendered":"De-Dollarization Trend Irreversible, Flight From US Dollar Sure to Accelerate, Says Russian Official \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Russia\u2019s foreign minister says a flight from the U.S. dollar \u201cis sure to accelerate,\u201d emphasizing that \u201cthis trend is irreversible.\u201d The official added: \u201cThe path of sanctions is the path to nowhere. Serious countries and sober-minded politicians are drawing relevant conclusions and these conclusions are definitely in favor of terminating dependence on the West.\u201d<\/strong><\/p>\n

Russian Official on De-Dollarization Trend Accelerating<\/h2>\n

Russia\u2019s Minister of Foreign Affairs, Sergey Lavrov, said at a press conference on Friday that the shift away from using the U.S. dollar as the medium of exchange in global trade in favor of national currencies is an irreversible trend, Russian media Tass reported.<\/p>\n

The Russian official also stressed that it is important to actively work towards neutralizing security threats, including those that originate from the U.S., 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\u2019 attempts to incite conflicts near its borders. He continued:<\/p>\n

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We are starting to see a flight from the dollar. So far, it is not all that swift, but it is sure to accelerate. In fact, this trend is irreversible.<\/p>\n<\/blockquote>\n

\u201cThe U.S. has already, for real, sawed off the tree limb that it was perched on, managing global financial flows and the world economy as a whole by leveraging the dollar\u2019s dominant role,\u201d the top Russian diplomat claimed.<\/p>\n

\u201cDespite the threats that our partners have received from the U.S. and the European Union not to cooperate with the Russian Federation and the Republic of Belarus under pain of so-called secondary sanctions and other penalties, trade flows across the CIS are growing,\u201d he emphasized, noting that trade increased by more than 6% last year, amounting to over $100 billion.<\/p>\n

\u201cThe agreement on free trade in services among CIS countries that is currently being readied for signing will give an impetus for further expansion of economic interaction,\u201d Lavrov added, concluding:<\/p>\n

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The path of sanctions is the path to nowhere. Serious countries [and] sober-minded politicians are drawing relevant conclusions and these conclusions are definitely in favor of terminating dependence on the West.<\/p>\n<\/blockquote>\n

On Friday, Russian Finance Minister Anton Siluanov also told reporters that Russia is moving away from using the U.S. dollar when paying for exports and reducing settlements in USD with contractors, Tass further reported.<\/p>\n

\u201cWe are now focusing on settlements in national currencies, rubles, and the currencies of friendly countries,\u201d the official said, adding:<\/p>\n

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Settlements in dollars are going down gradually, especially for supplies of Russian export goods, settlements between our contractors, to make it easier and more comfortable for our foreign trade partners to pay.<\/p>\n<\/blockquote>\n

Recently, the Russian Minister of Foreign Affairs said that the BRICS nations (Brazil, Russia, India, China, and South Africa) are pushing to expand their global influence<\/a> to counter Western countries\u2019 \u201cdestructive actions.\u201d The BRICS countries are also reportedly working to create<\/a> a new form of currency. Economist Nouriel Roubini expects a shift to a bipolar global reserve currency<\/a> with the Chinese yuan as an alternative to the U.S. dollar.<\/p>\n

What do you think about the de-dollarization trend? Do you think the U.S. dollar will lose its status as the world\u2019s reserve currency? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin 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 between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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