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/
US Army Secretary Dan Driscoll is preparing to leave the Trump administration after what a new report has described as months of tension with Secretary of War Pete Hegseth, potentially triggering another change at the army’s top echelons.
According to the Friday report by The Wall Street Journal, Driscoll is expected to step down before the end of the year and could leave his post earlier. The newspaper cited people familiar with discussions over his departure.
The Journal reported that Driscoll and his family vacated the official residence assigned to the army secretary at Joint Base Myer-Henderson Hall this summer, a move that could indicate he was preparing to leave the position.
The reported departure would come at a time of continuing uncertainty at the top echelons of the army.
Hegseth abruptly removed Army Chief of Staff Gen. Randy George in April, while Trump has not yet nominated a permanent successo....more below
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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 ...
