Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Reduced Use of Dollar in Transactions Is Reaction to Geopolitical Situation, Russian Deputy FM Says

Reduced Use of Dollar in Transactions Is Reaction to Geopolitical Situation, Russian Deputy FM Says

Russian Foreign Minister Sergey Lavrov earlier said that the risks posed by US sanctions need to be alleviated by switching to alternative currencies and moving away from using the dollar, and underlined the need to switch to payments in national currencies and in world currencies, instead of the dollar.

The declining predictability of US policy casts doubts on the reliability of the use of the US dollar in mutual trade operations, Russian Deputy Foreign Minister Alexander Pankin told Sputnik on Sunday.

According to Pankin, the reduction in the use of the dollar is a reaction to the current geopolitical situation.

"The decrease in the predictability of the US economic policy and their uncontrolled introduction of unreasonable restrictive measures call into question the reliability and convenience of using the American currency as the priority currency in contracts," Pankin told Sputnik.

The deputy foreign minister said that in such a situation, companies and countries are forced to take measures to minimize economic losses and transaction risks.

"In this light, the expansion of the use of national monetary units in trade operations with other states is becoming increasingly relevant and becomes an important area of ​​the current foreign economic agenda," Pankin said.

In an interview with Chinese media in late March, Russian top diplomat Sergey Lavrov called on Beijing to reduce sanctions risks by strengthening our technological independence, by switching to payments in national currencies and in world currencies, alternative to the dollar. According to Lavrov, the US and other western countries are no longer capable of using classical diplomacy and only resort to one tool in the international arena - sanctions, which benefit no one, as evident by the losses that EU businesses have been suffering because of anti-Russia sanctions.

Lavrov has also said that the administration of US President Joe Biden is sticking to the same sanctions policy as former administrations.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
×