In a noteworthy statement made on Tuesday, Russian Foreign Minister Sergey Lavrov asserted that the shift towards national currencies in settlements, effectively sidelining the US dollar, is now an inevitable reality.
According to Lavrov, the ongoing trend has gained significant momentum and cannot be halted.
The statement has garnered widespread attention and is likely to fuel discussions about the future role of the dollar in global financial transactions.
“The Americans have started the de-dollarization process. Already now this process is being analyzed particularly by American political analysts and economists with deep concern,” he told a press conference following a visit to New York as part of Moscow’s presidency of the UN Security Council.
The momentum towards national currencies and digital currencies as an alternative to the US dollar, euro, and yuan in financial settlements is now unstoppable, according to a recent statement by a prominent minister. The future of key institutions in the global financial system such as the International Monetary Fund (IMF) and the World Bank remains uncertain as this shift takes place.
This announcement comes on the heels of Indonesia’s declaration that ASEAN nations are planning to switch to national currencies for settlements, as well as reports that the BRICS countries (Brazil, Russia, India, China, and South Africa) are exploring the idea of creating a shared currency to reduce reliance on the US dollar. These developments are sure to trigger important discussions about the future of international finance and the role of different currencies in it.