Russian Foreign Minister: The trend of “de-dollarization” is irreversible

On the 14th local time, Russian Foreign Minister Lavrov said that the trend of abandoning the use of US dollars for settlement in international trade is irreversible. Lavrov said that the process of “de-dollarization” has begun. At present, this process is not very fast, but it will definitely accelerate, and such a trend is irreversible. Lavrov said that the United States and other countries have improperly and seriously abused their position in the world economy, forcing other countries to take the path of illegal unilateral sanctions against other countries, especially Russia. And sanctions have no way out, which is the consensus of many countries and politicians. On the same day, Russian Finance Minister Siluanov said that Russia continues to reduce dollar settlements with contractors and exports. Siluanov also said that Russia’s current focus is to use its own currency, the ruble, and the currencies of friendly countries for settlement. As emerging economies, Middle Eastern oil-producing countries and even Europe have tried to innovate cross-border payment and settlement mechanisms, sign bilateral currency agreements and promote the diversification of foreign exchange reserves, the pace of global “de-dollarization” has accelerated. Analysts believe that “de-dollarization” is driven by multiple reasons, but in the final analysis, it is because the United States is going against globalization and abusing financial hegemony.