According to the managing director of the IMF in Russia, many countries are looking for an alternative currency because of the West’s desire to remove some countries from the global payments system.
In a new story from Sputnik, Aleksei Mozhin says that the world has seen how the US and its partners used economic and financial sanctions to punish Russia for its war in Ukraine.
The IMF official claims that using sanctions as force has contributed to a more fragmented international economic system.
Fragmentation of the global economy is inevitable and permanent due to the West’s reckless exploitation of international commerce, banking, and the dollar and euro as weapons.
The West slapped international sanctions on Russia in March 2022, freezing almost $300 billion in the country’s coffers. Russian banks’ access to SWIFT, a cross-border payment system controlled by the dollar and the euro, was severed due to the sanctions.
Mozhin claims that the dollar’s weaponization is causing certain countries to stop using it to settle their international dealings.
The quest for alternatives to the dollar has unavoidably begun, and the Americans are to blame. And now we know exactly how it’s going down… Iranian, Brazilian, and Saudi businesses are already transitioning to transacting in yuan rather than dollars, and it’s not only with China.
Rumours were floating in May that China had signed agreements with dozens of nations to settle $582.3 billion in worldwide commerce in yuan instead of the dollar.
Andrey Kostin, CEO of Russia’s second-largest bank, predicted that the yuan would overtake the dollar as the world’s reserve currency earlier this month.
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