On Monday, Russian ambassador to the United Nations Vassily Nebenzia made emphasis in the need to “de-dollarize” the world economy after the West’s sanctions against Russia caused concerns around the unwavering reliability of the dollar-based worldwide payment system.
Russia has been talking about the need to unlink itself from the dependence on the U.S. dollar and other Western currencies for a long time; he told a press conference at UN headquarters as his country assumed the rotating presidency of the Security Council for the month of April.
Reliance on the U.S. dollar and other Western monetary standards isn’t fair an issue for Russia, but for numerous other nations, given what happened after the European Union, the United States and a few other nations presented sanctions against Russia after the flare-up of the Russia-Ukraine strife in February 2022, he said.
Among the sanctions measures was the expulsion of chosen Russian banks from the SWIFT system a messaging network through which international payments are started, paralyzing Russian exchanges with other countries.
“The sanctions didn’t help them much. But it tells us that they are not solid. Their financial framework isn’t something that we will depend upon, knowing that they, at any time, can switch off — or maybe Quick off — the worldwide installment framework, that dollar exchanges are not solid any longer,” said Nebenzia. “They authorized the dollar itself since presently the dollar cannot travel to Russia authoritatively,” he added.
Russia had to discover ways to move to an unused framework of trades with neighborly nations, and these endeavors begun indeed some time recently February 2022, he said.
“We’ve been talking that we ought to ‘de-dollarize’ the world economy some time recently, and we need to include nearby monetary forms … more inside exchange with Russia.”