Russian Deputy Foreign Minister Alexander Pankin said that more and more countries are considering increasing the role of alternative currencies to the US dollar in mutual settlements, and that this trend cannot be reversed. He said this in an interview TASS.
The signal that the US currency has become a high-risk financial instrument was given after Russia was unlawfully deprived of the opportunity to divest its dollar holdings, according to the diplomat.
The vice president emphasized that in connection with this situation, more and more countries are considering increasing the role of alternative currencies to the US dollar in bilateral agreements.
“This trend is irreversible,” Pankin said, adding that the Russian partners in the BRICS (an interstate alliance that includes Brazil, Russia, India, China and South Africa) understand this as well.
Previously, analysts at Swiss bank Credit Suisse supplied The “Future of the Monetary System” report, in which they stated that the US dollar has lost its positions and the probability of rejection by the world’s Central Banks will increase soon.