Global de-dollarization inevitable
The freeze of dollar-denominated assets of the Bank of Russia amid the special military operation in Ukraine was the next step in “converting the dollar into the weapon,” observer and geopolitical expert Renaud Girard noted.
The rejection of the dollar in global economic relations is an irreversible process explained in particular by its use as an instrument of pressure for other countries, observer and geopolitical expert Renaud Girard said in his op-ed in Le Figaro.
“Having turned their currency into an instrument of political pressure on other countries, the US unwittingly started a global movement to overthrow the dollar,” the expert said. “The complete de-dollarization will not take place in an instant but this is obviously the irreversible movement,” Girard noted.
The expert cited the situation when BNP Paribas had to pay $9 bln fine to the US in 2014 for “financing exports from Cuba, Sudan and Iran on lawful grounds, in accordance with European and French laws, although these three countries were under the US embargo.” The US justice system decided that the case was in its competence because transactions were made via the account of BNP Paribas in New York.
“This is how the Americans imposed their law on other countries of the planet. European companies had to subdue,” the expert said.
The freeze of dollar-denominated assets of the Bank of Russia amid the special military operation in Ukraine was the next step in “converting the dollar into the weapon,” Girard noted. Certain countries started reducing trade operations in the US currency because of that.
“BRICS countries are planning to create their own currency to finance their trade. China has already developed its electronic system of interbank payments. It is an alternative to the SWIFT system controlled by the West,” the analyst added.
