US dollars and euros. File photoMOSCOW, Apr 18The creation of a trade union involving Russia, China and Iran, as well as a new world currency, could eventually end the dollar's hegemony in international trade, economist Jamshid suggested in an interview with Resalat Adalatiyan. The interlocutor believes that the world should think about finding an alternative to the dollar when paying for oil, gas and other energy resources.
"If several countries, such as Russia, Iran, China, other states that are under sanctions, can agree to create some kind of trade union and determine the currency that will be used in their transactions, and this currency will not dollar, then the dollar will weaken, and world demand for it will gradually decline", Jamshid said.
At the same time, the economist noted that it will not be possible to eliminate the dominance of the dollar overnight, since the American currency is used in the sale of «thousands of types of goods and raw materials.» However, in his opinion, such a scenario is possible in the long term.The United States admitted that Russia has created an alternative «universe» without the dollar «Very many countries dream of eliminating the dollar as a world currency, eliminating its dominance on the world stage. But as long as America remains the world's leading economy, the dollar will be the world currency,» the expert concluded. On February 24, Russia launched a military operation in Ukraine. In response, Western countries imposed large-scale sanctions against Moscow, which primarily affected the banking sector and the supply of high-tech products. Some brands have announced the cessation of work in the country.
The West's «attack» on the dollar was reported in GermanyThe Kremlin called these measures an economic war similar to which hasn't happened yet. The authorities stressed their readiness for such a development of events and assured that they would continue to fulfill social obligations. The Bank of Russia is taking measures to stabilize the situation on the foreign exchange market. The authorities also announced the transfer of payments for gas supplies to unfriendly countries into rubles. In addition, the government has prepared a plan to counter restrictive measures, which includes about a hundred initiatives. The volume of its funding will be about a trillion rubles.Read the full text of the article on the InoSMI website>>
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