News ID: 301890
Published: 0317 GMT April 05, 2021

De-dollarization gaining momentum, more countries joining in: Russian diplomat

De-dollarization gaining momentum, more countries joining in: Russian diplomat

A senior Russian diplomat said more countries around the world are joining an initiative to use local currencies for settlement of trade payments as the US dollar becomes increasingly unreliable because of Washington’s sanction policies.

In remarks published on Monday, Russian Deputy Foreign Minister Alexander Pankin said that countries in the Asia-Pacific region, including China and Japan, as well as others in Africa and Latin America have become interested in Moscow’s proposal to use non-dollar and local currencies for payment settlements.

“Russia is developing enhanced cooperation on the matter with its partners from the Asia-Pacific region, where the readiness to switch to mutual settlements in national currencies or other currencies apart from the dollar is quite high,” Pankin was quoted as saying by Sputnik.

He added that Moscow was involved in efforts to synchronize its national payment systems with those of China and Japan to facilitate the removal of the US dollar from trade settlements.

The diplomat said that switching to non-dollar payments could be implemented in settlements between members of blocs in Eurasia regions including the EAEU and CIS.

He said Moscow is engaged in talks with other major economic and trade blocs around the world, including the BRICS, to promote the issue.

Russia has already removed the dollar from dealings with allied countries, including with China and Iran.

 

Pankin said central banks in Russia and partner countries, including in Iran, have stepped up efforts to synchronize their financial messaging systems to develop an alternative to the dollar-based SWIFT, a Europe-based clearing house for international payments which is highly sensitive to Washington’s sanctions policies.

   
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