Over the past decades, countries worldwide have become more willing to reject dollar transactions in their foreign trade settlements. Russia has shifted to foreign exchange in national currencies with China and Eurasian Economic Union members. Additionally, Saudi Arabia clinched a deal with China to sell oil for yuan in December 2022.
French geopolitical expert Renaud Girard has warned of this incoming de-dollarization, caused by none other than the US itself. The expert said that Washington had overused the greenback as an instrument of political pressure, and nowadays more and more countries are starting to flee from the US-made global financial system. The alternative is to set up a bilateral foreign exchange in national currencies. Some states like Russia and China have gone even further and made their own payment systems.
"By turning their currency into an instrument of political pressure on other nations, the US has unwittingly launched a worldwide movement to overthrow the 'king-dollar'. Total de-dollarization will not happen overnight, but it is clearly an irreversible tendency," Renaud Girard told Le Figaro.