More countries are shifting to national currencies in trade, according to Aleksey Mozhin
Washington has created conditions that force countries worldwide to search for alternatives to the US dollar, Russia’s representative at the International Monetary Fund (IMF) told RIA Novosti on Monday.
According to Aleksey Mozhin, more states are boosting the use of alternative currencies in cross-border transactions, in particular the Chinese yuan.
“We can see that Iranians, Brazilians, and Saudis are already switching to trade in yuan, not only with China, but also with third countries,” Mozhin noted.
He linked the greenback’s long-standing dominance in the global economy to a lack of competition, as the dollar accounts for most international settlements and deposits worldwide.
However, American officials are already sounding the alarm over the greenback’s fate, Mozhin claimed, due to what he described as the abandonment of the US currency.
“It’s clear that it will not happen at once, but the process has begun,” he said.
READ MORE: Russia sees another surge in yuan trade
The US uses the dollar “for the purposes of national interests, [and] the economic and financial obligations of one country,” therefore it is “wrong” that it is so widely used elsewhere, Mozhin concluded.
Russia actively began to replace the dollar and euro with other currencies in foreign settlements last year, and has dramatically reduced the number of bank accounts and transactions between companies and financial institutions involving Western currencies.
The share of the dollar and euro in Russia’s international settlements fell from 90% in early 2022 to less than 50% by the end of last year – a trend that will continue, according to Russian Deputy Minister of Economic Development Vladimir Ilyichev.
https://www.rt.com/business/578724-us-dollar-losing-dominance/
The Islamic Revolution Guards Corps (IRGC) warns the enemies that any act of aggression against the Islamic Republic will not go unanswered.
In a statement on Thursday, the IRGC issued a “stern warning” to the enemies after US forces launched strikes against the southern Iranian port city of Bandar Abbas.
Following the US military attack on a point on the outskirts of Bandar Abbas Airport with aerial projectiles, the IRGC carried out new strikes targeting the US air base from which the attack originated in the wee hours of Thursday, it added.
“This response is a serious warning to the enemy that they should know the act of aggression will not go unanswered,” the IRGC emphasized.
The elite military force warned of a “more decisive” response if the enemy repeated any act of aggression.
It also said the responsibility for the consequences of any IRGC response lies with the aggressor.
The statement comes after the IRGC Navy on Thursday forced an American tanker to turn back. The tanker ...
Volker Turk has warned that efforts to advance reparatory justice are facing resistance in “certain quarters,” and urged countries to back Africa’s push.
Reparatory justice for historical crimes, including colonialism, enslavement, and the trade in enslaved Africans, is crucial to dismantling systemic racism, UN High Commissioner for Human Rights Volker Turk has said.
Speaking at the UN Permanent Forum on People of African Descent on Tuesday, Turk linked present-day discrimination against people from the continent to the enduring legacy of colonialism and enslavement.
”Racism and dehumanizing rhetoric continue to permeate public institutions, communities, and online platforms,” he said, according to the UN Press Service. Turk noted that “digital technologies, including AI, are reproducing and amplifying existing biases against people of African descent.”
The remarks come weeks after the UN General Assembly adopted a resolution declaring the transatlantic slave trade “the gravest...
The US VP had to defend President Trump’s Gaza policy at a rally on a Georgia college campus.
US Vice President J.D. Vance was forced to defend Washington’s policy in Gaza after he was booed and heckled at a key MAGA event on Wednesday.
Co-founded by the late Charlie Kirk, Turning Point USA (TPUSA) is a conservative student group that has long been seen as a strong support base of President Donald Trump’s MAGA movement but is now showing apparent cracks.
Less than 15 minutes into a TPUSA event at the University of Georgia on Wednesday, Vance was interrupted by hecklers over US policy in Gaza, with one audience member shouting, “Jesus Christ does not support genocide!” As he attempted to respond, others shouted, “You’re killing children!” and “You’re bombing children!”
Vance replied by referring to Trump’s achievements as president, including securing a fragile ceasefire in Gaza, something he said the previous administration of Joe Biden failed to do.
“I ...
