BRICS : LAVROV And TRUMP agree on the imminent collapse of the dollar !

The dominance of the dollar as the reference currency in international trade is now more questioned than ever. Amidst growing geopolitical tensions and increasing U.S. economic sanctions, several emerging powers are organizing to reduce their dependence on the greenback. It is in this context that Sergey LAVROV, Russia’s Foreign Minister, and Donald TRUMP, former President of the United States, come together in their criticism of current policies. According to them, the systematic use of the dollar as a sanction tool not only weakens the U.S. economy but also the position of the dollar on the international stage.

Sanctions that weaken the American dollar

During a conference, Sergey LAVROV, head of Russian diplomacy, supported the statements of Donald TRUMP regarding the impact of U.S. sanctions on the dollar. Indeed, the former President and Republican candidate in the American election directly asserted that the sanctions imposed by the Biden administration are destructive for the American economy. “I agree with him,” declared LAVROV. According to him, the use of the dollar as a sanction instrument has generated mistrust towards the American currency, posing risks for nations that continue to depend on the greenback in their international transactions.

The sanctions imposed by the United States, particularly against countries such as Russia and China, have indeed contributed to fueling a dedollarization movement in several major economies. Thus, LAVROV highlighted that the dollar’s dominance in global trade is beginning to crumble, notably among the BRICS nations. Trade agreements settled in national currencies, such as those concluded between China and Russia, are the tangible manifestation of this desire to break away from dollar dependence.

The BRICS emancipate from the dollar

In the same vein, during the “Cloud Cities” forum in Moscow, Samip SHASTRI, Vice President of the BRICS Chamber of Commerce and Industry, made a major announcement. “I believe that the volume of transactions in national currencies has already surpassed those in dollars,” he said. For him, this transition to local currencies avoids additional costs related to currency conversions, promotes the economic autonomy of the BRICS, and simultaneously reduces their dependence on the U.S.-dominated financial system.

The global economic landscape is undergoing significant changes. And, the questioning of the dollar’s hegemony is one of the most visible signs. The unexpected alignment of Donald TRUMP and Sergey LAVROV’s positions on the harmful effects of U.S. sanctions illustrates a growing divide over the role of the greenback in international trade. The BRICS, through settlements in national currencies, are increasingly moving towards their goal of rebalancing the global financial system, which has so far been largely dominated by the United States.