[Regnum] Western sanctions against Russia have reduced the attractiveness of the US dollar as a global currency. This was reported on July 12 by Asia Times, citing a forecast by US Treasury Secretary Janet Yellen.
"The exceptional measures taken by the US and its allies against Russia have thrown major reserve-holding countries into disarray," she said.
Yellen also acknowledged that while the countries of the Global South cannot completely abandon the dollar, most of them no longer want to work with it. According to the head of the US Treasury, this is facilitated by the policy of weakening the American currency, which is being carried out by the interstate association BRICS.
As the author of the publication noted, the decision of US President Joe Biden's team to freeze part of Russia's foreign exchange reserves turned out to be similar to crossing a red line for many investors, and the current situation shows that Yellen is right to fear de-dollarization, since this process has already been launched.
As reported by Regnum News Agency, on July 9, Newsweek columnist Adam Gallagher wrote that the meeting of the BRICS foreign ministers and its partners held in June indicates growing dissatisfaction with US policy in the world. At the same time, he pointed out the particular danger to Washington's interests from the de-dollarization proposed by the organization, since following the meeting, its participants spoke in favor of wider use of national currencies in settlements.
On July 7, Russian Ambassador to China Igor Morgulov noted that a single currency will not be created in the BRICS space in the near future, but the movement towards its creation is obvious. The diplomat specified that the participants of the association are striving to create a financial system that is not dependent on any dominant third party.
Russian President Vladimir Putin said on May 17 that the American authorities themselves are undermining the trust of other countries in the dollar and its role as the world's reserve currency. The head of state called this terrible stupidity.
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