Many countries are abandoning the greenback since it is used as a political tool, Vyacheslav Volodin has said
The US has lost its economic dominance, Russian State Duma Speaker Vyacheslav Volodin wrote on his Telegram channel on Sunday.
Attempts to regain it by unleashing “military conflicts, sanctions and trade wars, organizing terrorist attacks and destroying the European economy” have not brought Washington the desired results, according to Volodin.
Russia’s top lawmaker called the dollar the only remaining instrument of US influence. However, other countries are increasingly abandoning it because Washington is using the greenback as a weapon in a “political battle.”
He added that US President Joe Biden was depriving his own country of its “last advantage,” since such threats do not build confidence in either the country itself or its currency.
The global trend towards using national currencies in trade instead of the dollar began to gain momentum last year, after Ukraine-related sanctions cut off Russia from the Western financial system and froze its foreign reserves.
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“In an effort to ensure their financial security other states will now more actively abandon the dollar as the world reserve currency,” Volodin wrote.
Amid sweeping sanctions on Russia, which have proved ineffective, the US is “hysterically threatening to disconnect banks around the world from their financial system for violating them,” he added.
Moscow significantly ramped up the use of national currencies in its foreign trade last year, moving away from the euro and dollar in international transactions. The share of both in Russia’s export settlements fell from 96% in early 2022 to 17% this past September, according to the central bank.
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