Seking alternatives to US dollar dominance in global finance on St. Petersburg International Economic Forum SPIEF 2018
The Russian president Putin spoke out against the growing trend of using unilateral restrictions to achieve economic advantage, as he addressed guests of the St. Petersburg International Economic Forum (SPIEF) on Friday.
“The system of multilateral cooperation, which took years to build, is no longer allowed to evolve. It is being broken in a very crude way. Breaking the rules is becoming the new rule,” he said.
Investor Jim Rogers noted that the US currency will likely lose its leadership status in the next decade.
“Dollar is going to be higher than now because the turmoil is coming. Then, it is going to be overpriced and people will look around and say, ‘America’s got the largest debt in the history of the world. It’s printing money as fast as it can’”
Russian Finance Minister Anton Siluanov suggested the euro could substitute the dollar in Russia’s foreign trade if Brussels takes a stand against Washington’s latest sanctions against Moscow.
“As we see, restrictions imposed by the American partners are of an extraterritorial nature. The possibility of switching from the US dollar to the euro in settlements depends on Europe’s stance toward Washington’s position,”
Source: Russian Times