The countermeasures that Moscow has introduced in response to Western sanctions against Russia dealt a serious blow to the dollar’s leading position in the international financial system.

Such an opinion in my article for the Chinese edition of “Huanqiu shibao” said a financial analyst Gao Desheng.

He drew attention to Russia’s statement about the repayment of external debt in rubles, as well as the use of the national currency for settlements when exporting energy resources to unfriendly countries.

“Russia’s announcement of repaying foreign debt in rubles and using them as a settlement currency for the export of energy and strategic resources to ‘unfriendly countries and regions’ has shaken the monopoly position of the dollar in the global trading and financial system,” Descheng said.

The author of the article considers Russia’s decision to expand the use of domestic currency in settlements with other countries as an extremely dangerous trend for the United States. According to him, “the world is rapidly entering the post-dollar era.”

“Russia’s statement about repaying external debt in rubles and using them as a settlement currency for the export of energy and strategic resources to ‘unfriendly countries and regions’ has shaken the monopoly position of the dollar in the global trading and financial system,” he said.

Gao Desheng added that the effectiveness of the measures taken by the Russian side proved the failure of the sanctions policy of the United States and Western states.

Previously EADaily reported that Bloomberg called the ruble the best world currency this year. According to the publication, this was facilitated by capital controls in Russia. Moreover, the exchange rate of the ruble has strengthened due to the measures of the Russian government, which were taken after the imposition of sanctions.

The agency noted that the exchange rate of the ruble against the dollar has grown by 11% since the beginning of the year and became the leader in growth among 31 major currencies.

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