Former Central Intelligence Agency (CIA) adviser James Rickards said that anti-Russia sanctions will gradually force the whole world to give up the dollar. He wrote an article for Daily Calculation.
Rickards described the desire of other countries to trade with Moscow as one of the main factors in the failure of Western, especially American, sanctions against Russia.
“The four largest emerging economies in the world (China, India, Russia and Iran) have a larger combined GDP than the United States. When the next three countries (Brazil, Mexico, and Indonesia) are included in this emerging G7 economy, the gap with the United States widens by another $4.6 trillion. Taken together, they are too big to ignore,” said the former CIA adviser.
He added that if these developing countries do not join the sanctions, Russia will have too many trading partners for the sanctions to be effective.
Previously reportedThat the G7 intends to revise the oil price ceiling from Russia.