Sergey Lavrov, the foreign minister of Russia, claims that there is currently an unstoppable and accelerating worldwide flight away from the US currency.
Lavrov said at a press conference that many countries are essentially disregarding the sanctions and threats from the US and Western Europe and instead are building their economies and trade networks of their own will, according to a report by the state-funded Russian news agency TASS.
According to Lavrov, the CIS, or nations that were originally a part of the Soviet Union, have increased their trade flows significantly without complying with US demands.
“The dollar is starting to lose its appeal. It is not particularly quick right now, but it will pick up speed. In actuality, this trend cannot be reversed. The US has already effectively sawed off the branch of the tree it was sitting on, managing global financial flows and the whole global economy by using the dollar’s hegemonic position…
Trade flows throughout the CIS are increasing despite our partners’ threats from the US and the EU to not collaborate with the Russian Federation and the Republic of Belarus under the threat of so-called secondary sanctions and other penalties. Last year, trade increased marginally by over 6%, totaling over $100 billion.
CIS nations are already working toward new accords that will “give an impetus for further expansion of economic interaction,” according to Lavrov, who was appointed by Russian President Vladimir Putin in 2004.
He also claims that “serious” nations seek to free themselves from Western financial control. “The sanctions road leads to nothing. Serious nations and sensible politicians are making pertinent deductions which are unquestionably in favor of ending reliance on the West.