Russia Halts Dollar Trade: A Turning Point for Global Finance?
Is de-dollarization finally here?
The new US sanctions against Russia have elicited an immediate response from Moscow which is now halting trades in the dollar and euro. Chinese strategist Prof. Wang Xiangsui believes what we are witnessing is the beginning of a historic shift of the world economy from globalization toward regionalization.
By Wang Xiangsui, June 2024
On June 12, the Moscow Exchange announced that it would no longer use the US dollar and euro for foreign exchange and precious metals trading. This move is a forceful response to the weaponization of the dollar initiated by the US and the EU, and it sets an example for other countries who might face Western economic sanctions in the future. This shift could lead to a significant change in global finance.
Currently, the US dollar and euro remain dominant currencies due to the economic strength of th…
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