Russian Foreign Minister Sergey Lavrov States De-Dollarization ‘Can No Longer Be Stopped’ – During a press conference following his address to the UN Security Council on April 25, Russian Foreign Minister Sergey Lavrov commented on the trend towards national currencies and de-dollarization in global markets.
Lavrov stated that this shift was inevitable and could not be halted, and also expressed uncertainty regarding the future of traditional international institutions such as the IMF. According to the Russian news Agency TASS, Lavrov declared: “The shift to settlements in national currencies bypassing the dollar, the euro, and the (yen), to digital currencies can no longer be stopped, and the future of the international currency financial system, including the International Monetary Fund (IMF), the World Bank, remains to be seen.”
During his speech to the UN Security Council, the Russian official criticized the IMF, describing it as a “tool” that the US and its allies utilize to accomplish not only financial but also military objectives. During the press conference, Lavrov attributed the responsibility for the shift in the market to the US government.
He stated that the US had implemented one of its most extensive sets of sanctions in history against the Russian Federation, which had resulted in this change, and recently extended it. On this, Lavrov explained: “The Americans have started the de-dollarization process. Already now this process is being analyzed particularly by American political analysts and economists with deep concern.”
Janet Yellen, the US Treasury Secretary, has recently evaluated the potential impact of US sanctions on the dominance of the dollar, acknowledging that such sanctions may have adverse effects on its usage. Nevertheless, Yellen also emphasized that they aim to utilize these “extremely important” tools carefully.
Meanwhile, Joseph Sullivan, a former economic advisor to the Trump administration, has commented on the potential impact of a BRICS bloc currency on the supremacy of the US dollar. He stated that the issuance of such a currency would not immediately replace the dollar but would gradually undermine its dominance.