In a press conference, Russian Foreign Minister Sergey Lavrov stated that his shift to other currencies was unstoppable and that it would affect traditional financial institutions like the IMF.
Russian Foreign Minister Sergey Lavrov States De-Dollarization 'Can No Longer Be Stopped'
Russian Foreign Minister Sergey Lavrov has spoken on the current shift to national currencies and the de-dollarization international markets are currently experiencing. In a press conference after addressing the UN Security Council on April 25, Lavrov stated this shift could not be stopped, and that the future of traditional international institutions like the International Monetary Fund was uncertain.
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.the possible effect that the enactment of U.S. sanctions could have over the dollar hegemony, recognizing these might have a detrimental effect on its usage. However, Yellen noted they tried to use these “extremely important” tools “judiciously.
Former White House advisor Joseph Sullivan has also referred to the effect that the issuance of a BRICS bloc currency, which is currently being studied, would have on the supremacy of the U.S. dollar. Sullivan, who was economic an economic advisor during the Trump administration, that while the issuance of such a currency would not substitute the dollar overnight, it “would begin the slow erosion of its dominance.”
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