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Initiating the Process of De-dollarization and Its Impact on the Global Economy, According to the Russian Foreign Minister

During the recent meeting of the Russian Council on Foreign and Defense Policy, Lavrov referred to Brazil’s proposal to protect financial transactions within the BRICS (Brazil, Russia, India, China, and South Africa) organization and secure their new development bank from the “continued role of the dollar” and its potential “misuse.” He added that Russia has put forward several initiatives in this regard, and its position is shared with its allied and like-minded countries.

Russia has faced unprecedented sanctions due to its invasion of Ukraine, including financial restrictions that have hindered its access to global finance and markets. Lavrov drew attention to the fact that the West is now sending envoys to other countries, demanding the severing of most, if not all, of their trade, economic, and investment relations with Russia.

He added that Western countries know well how to exploit the difficulties they create for other nations and that they may achieve certain short-term results and benefits. However, in the long run, they, especially the Americans, are undermining the branch they are sitting on, including the roles of the International Monetary Fund (IMF) and the World Bank, as well as the role of the dollar in the global economy.

Lavrov mentioned that Brazil has proposed protecting financial transactions within the BRICS organization and its affiliated new development bank from the negative effects of the dollar. He also indicated that Russia has put forward several initiatives in this regard, and its position is shared with a number of its allies and friends.

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