President Putin of Russia denied claims that his country is leading the global trend of moving away from the US dollar during the Eastern Economic Forum in Vladivostok. While members of the BRICS economic bloc, such as India and China, have been using national currencies for trade settlements, Putin clarified that Moscow is not actively pursuing a de-dollarization policy.
He criticized the US for its unprofessional actions and highlighted how the US dollar’s dominance stems from post-World War II circumstances. Putin mentioned that the US had refused Moscow the option to settle transactions in dollars, prompting Russia and its BRICS partners to use national currencies in most of their trade settlements.
The BRICS economic bloc, consisting of Brazil, Russia, India, China, and South Africa, has been joined by other countries like Egypt, Ethiopia, Iran, and the United Arab Emirates. Turkey has also applied for membership. The US’s use of the dollar as a weapon through sanctions has led to concerns among central banks, reflecting a global shift away from the greenback.
As Russia and its allies seek alternative financial systems, the future of the US dollar in international trade remains uncertain.
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