Russia’s Deputy Foreign Minister Alexander Pankin said the nation would move away from the dollar and the euro, which he described as toxic in trade, economic, and investment ties with partners. The shift, he explained, involves pursuing agreements that rely on an acceptable alternative, mainly national currencies, to ensure steadier relations with Russia’s partners amid growing geopolitical pressure from the collective West. TASS
According to the diplomat, the existing global financial system, created under Washington, does not fit a multipolar world and has become a tool for pursuing political objectives by a group of countries. He suggested that the West will likely continue to exploit its privileged position under current conditions. He emphasized that de-dollarizing foreign economic activity is seen by many states as a path to greater sovereignty, and noted that the challenge could be met if there is political will.
A former Russian foreign minister stated that in response to sanctions, Russia intends to intensify efforts to move away from the dollar, reduce dependence on imports, and bolster technological independence.
Previously, Elena Voronkova, who served as Associate Professor at the Department of State and Municipal Finance at the Russian University of Economics named after G V Plekhanov, indicated that the United States cannot simply cancel the trend toward de-dollarization that has already begun.