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Russian foreign minister Sergey Lavrov says de-dollarization is already underway due to the US government’s rhetoric and policies.
Lavrov says countries within the BRICS alliance, or the economic coalition of Brazil, Russia, India, China and South Africa, are actively plotting a path forward without the US dollar, According to a new report from Tass.
Lavrov, a Russian official since before the collapse of the Soviet Union, says the next BRICS gathering in August will focus on how the alliance’s New Development Bank can defend itself from potential US hostility.
“De-dollarization has begun, both in practice and in conceptual speeches… Within BRICS, Brazil suggested that the upcoming summit in August should give careful consideration to the tasks of protecting financial transactions within this assembly, of protecting the New Development Bank from abuse of the dollar’s persistent role. And we are putting forward many other initiatives concerning this issue.”
Lavrov says Russia is adjusting to a campaign from the western world that’s focused on cutting Russia off from the global financial system.
According to the foreign minister, the US has purposely sewed instability in other countries around the world to get what it wants, with the US dollar being the at the crux of the strategy. However, Lavrov says the tactic is running on borrowed time.
“They are releasing lists enumerating the goods that should be banned for export to Russia. I’m not exaggerating now. There was a trio recently – an American, a Briton and a representative of the European Union – who had been touring Central Asian countries.
However, let me repeat, they [Western countries] know well how to play on the difficulties they themselves create for other countries. And they will probably have a certain result, a certain benefit in the short term, but in the long term, they, and first and foremost the Americans, are hewing down the bough on which they are sitting, … including the roles of the International Monetary Fund, the World Bank, and the role of the dollar in the world’s economy,”
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