Minister Says the Trend of "De-Dollarisation" Is Irreversible

Russian Foreign Minister Sergey Viktorovich Lavrov recently stated that the trend of abandoning the use of US dollars for settlement in international trade and switching to domestic currency is irreversible. The divergence against the dollar has already started, not so fast yet but certainly accelerating.

The Americans' use of the dollar's dominance to manage international finance and the entire world economy has seriously jeopardised their position.

As emerging economies, oil-producing countries in the Middle East and even Europe try to innovate cross-border payment and settlement mechanisms, sign bilateral currency agreements, and promote the diversification of foreign exchange reserves, the pace of global "de-dollarisation" is accelerating.