It is starting and about time!

MOSCOW (Sputnik) – The US sanctions risks need to be alleviated by switching to alternative currencies and moving away from using the dollar, Russian Foreign Minister Sergey Lavrov said.

“We need to reduce sanctions risks by strengthening our technological independence, by switching to payments in national currencies and in world currencies, alternative to the dollar. We need to move away from the use of Western-controlled international payment systems,” Lavrov said in an interview with Chinese media, published by the Russian Foreign Ministry.

The minister said the US is aiming to limit the technological development of Russia and China, so the two countries need to strengthen their independence.

“They are promoting their ideologised agenda aimed at maintaining their dominance by holding back the development of other countries. This policy runs counter to the objective trend and, as it was customary to say, is ‘on the wrong side of history.’ The historical process will still take its toll,” Lavrov said.

Source: Russia, China Must Move Away From Using Dollar, Western-Controlled Payment Systems, Lavrov Says – Sputnik International

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2 thoughts on “It is starting and about time!

  1. joey_n – Next up for Russia is most likely being blocked out of SWIFT by the USA? Russia is now talking about that they are preparing for it soon to happen. US desperation and immorality really reeks…

  2. The idea of a debt-based currency like the US dollar raises the question of how all this fake “wealth” generated will have to be paid back if at all. To whom is all this fake money owed?

    At least one commentator at the Saker website says that China’s yuan in particular is controlled by the central government and they can henceforth print their own money without debt. (over a year ago they did an article about Russia’s Central Bank being a privately-owned one being run by bankers. Maybe the situation in China is different?)

    With the euro not being governed by any specific nation, as well as the problems that that may entail (e.g. the crisis in the so-called ‘PIIGS’ nations) I’m not sure what will happen with the euro, let alone whether it’ll be considered an option. (Over a year ago you wrote news saying that Rosneft switched from dollars to euros as a stopgap currency. Months before that, there were news of Putin replacing billions’ worth of US dollars with other countries, one of which being the euro. Evading USian sanctions is one thing, but stability is another.)

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