London Daily

Focus on the big picture.
Wednesday, Jul 22, 2026

Dollar's Share in Global Trade Will Drop Once People Begin to Doubt Its Stability, Kremlin Says

Dollar's Share in Global Trade Will Drop Once People Begin to Doubt Its Stability, Kremlin Says

In the face of sweeping new sanctions targeting its sovereign debt, and threats of being cut off from SWIFT, Visa and other financial instruments, Moscow has recently gone on the diplomatic offensive, encouraging trade partners to continue to move away from the use of the dollar in trade, and to create alternative payment systems.

The share of the dollar in Russia's foreign trade operations has been declining from year to year, and the same thing will happen in countries the world over once people begin to doubt the US currency's stability, presidential spokesman Dmitry Peskov has said.

Speaking to Russian television on Thursday about recent actions and threats facing Russia in the financial and economic arena, including the possible unplugging of Moscow from SWIFT, Peskov suggested that "if SWIFT as a service shows its lack of reliability, we live in a world that's developed to such a degree that analogues, bypasses or substitutes for this system will be found very quickly."

Peskov emphasised that the Belgium-based global interbank service was one of only several financial sector services, albeit the dominant one, and if access is cut off, countries will want to use alternatives.

As for dollar trade, Peskov said he was confident that Russia's recent move away from the greenback will be emulated by other countries in time, once they begin to "doubt the currency's stability and the stability of the country issuing it".

"It's time for everyone, including the Americans, to understand that Russia is a self-sufficient country - a strong, self-sufficient state. It's impossible to restrict Russia in any area. Yes, one can try to restrain it, one can grasp one's allies by the throat and force them not to buy Russian weapons, but this will not force Russia to change its policy," the spokesman stressed.

Commenting on President Joe Biden's recent State of the Union address to Congress, in which he suggested that America was "ready for take-off" and "leading the world again," Peskov suggested that the comments sounded like "some atavisms of the previous decade - atavisms of a unipolar world." The Kremlin spokesman proposed that the Biden administration has presented the US in relation to other countries "in the role of Moses leading the Jews through the desert," but stressed that "first of all, we are not in the desert," and that secondly, "the world is much richer than the United States."

Peskov noted that the world today is multipolar, and that Russia's President Vladimir Putin "is no longer a supporter of walking in someone's fairway, but of equal cooperation" between nations.

At the same time, the spokesman emphasised the need to come up with a sober assessment of the situation, and to agree that the US is still a superpower, and a country that accounts for a quarter of the world economy. He noted, however, that "various associations are being formed in the world which are already capable of equalling or surpassing" the US's economic heft, with China alone on the verge of catching up with and overtaking America. "Therefore, it's hardly proper for the US to claim the role of Moses."

As for Washington's recent policy of proposing negotiations and cooperation at the same time that it slaps new sanctions on Russia and accuses Moscow of a host of malign acts, Peskov suggested that US hostility is making it difficult for Putin to make a decision to agree to a summit meeting with his US counterpart.

"We do not understand the situation: we see that in words there are proposals to discuss cooperation in those areas of mutual interest... But at the same time - or the next day after these words - come actions on the 'containment' of Russia or the manifestation of outright hostile steps. This complicates the analysis of the situation from the Russian side for the president to make a decision about this summit," he explained.

Presidents Putin and Biden spoke by telephone on 13 April to discuss relations and the prospects of a face-to-face summit in a third country in the coming months. A day after the call, the White House introduced sweeping new sanctions against Russian individuals, the financial and banking sector, and Russian sovereign debt, and kicked out several diplomats. A week after that, Czech authorities accused Russian military intelligence of involvement in a series of blasts at a Czech arms depot, leading to a new round of diplomatic expulsions between Russia and NATO countries.

Comments

Oh ya 5 year ago
The ISA has gone full retard. Treating to use the dollar and swift system as a weapon will truly end in tears. And if the USD loses ots status as the world reserve currency then the folks in the US will find out what reality is really like

Newsletter

Related Articles

0:00
0:00
Close
UK Universities and Industry Expand Space and Defense Research Partnerships
House of Lords Approves Social Housing Bill Amendments on Shared Ownership Rights
House of Lords Advances Civil Aviation Bill With New Passenger Protection Measures
UK Government Suspends Tariffs on Fertilizer and Food Imports to Reduce Costs
Russell Group Universities Support New UK Business Department Focused on Innovation
UK Parliament Opens Inquiry Into Transport Barriers Facing Young Jobseekers
Home Builders Federation Calls for Lower Costs as New UK Government Sets Housing Priorities
Andy Burnham Meets UK Devolved Leaders to Strengthen Regional Cooperation
Andy Burnham Holds First International Calls With Trump, Macron, and Zelenskyy
Andy Burnham Reshuffles Cabinet With John Healey Appointed Chancellor of the Exchequer
Andy Burnham Government Removes VAT From Electricity Bills to Cut Household Costs
Andy Burnham Becomes United Kingdom Prime Minister After Sir Keir Starmer Resigns
Miliband Sets Climate and International Law at Centre of UK Diplomacy
US Gasoline Returns to $4 as Renewed Iran Fighting Disrupts Oil Flows
Czech Central Bank Governor Rejects Early Euro Entry and Rate-Cut Pressure
Trump Orders 50% Tariffs on Selected Canadian Imports
Pentagon Discloses Nearly 100 US Troop Injuries During Renewed Iran Fighting
Trump Readies New Tariffs as Temporary Global Levy Nears Expiry
US Judge Pauses Paramount Skydance and Warner Bros Discovery Merger Over Antitrust Concerns
NHS England Faces Growing Retention Pressure Among Younger Midwives
UK Data Centre Expansion Faces Water and Grid Capacity Challenges
UK Defence Shares Rise After John Healey Appointment and Continued Spending Commitments
OECD Urges UK Government to Review Pension Triple Lock to Protect Public Finances
Bank of England Keeps Cautious Approach as Energy Costs Threaten Inflation Progress
County Councils Call for Wider Devolution and Long-Term Social Care Funding Reform
IMF Urges UK Government to Maintain Fiscal Discipline as Growth Forecast Slows
Russian Warship Holds Live-Fire Exercises Near UK Coast as Royal Navy Monitors Activity
Mitie Agrees Three Point One Billion Pound Takeover by OCS in Another Blow to London Listings
JPMorgan Chase Warns Bank Levies Could Hit UK Growth and Drive Capital Away
UK Unemployment Holds at Four Point Nine Percent as Labour Market Shows Resilience
UK Government Borrowing Falls Below Forecasts as Treasury Receives Early Fiscal Boost
John Healey Cuts VAT on Household Electricity Bills After Cancelling National Digital ID Scheme
Andy Burnham Forms New Labour Government With Ten-Year National Renewal Plan
EU Imposes Record €550 Million Digital Services Fine on AliExpress
UK Publishes Updated Consumption-Based Carbon Emissions Data
English Regions Prepare for Expanded Devolution and Infrastructure Powers
Russell Group Backs New Government and Calls for Stronger University-Industry Links
Bank of England Maintains Restrictive Monetary Policy Amid Persistent Inflation
Climate Progress Report Renews Debate Over the UK's Net Zero Strategy
New UK Government Launches Drive to End Rough Sleeping and Expand Social Housing
Prime Minister Andy Burnham Appoints John Healey as Chancellor in Cabinet Reshuffle
OECD Calls for Structural Reforms as UK Economy Faces Slower Growth
International Monetary Fund Expects UK Economic Growth to Slow to One Percent in 2026
Andy Burnham Takes Office as UK Prime Minister and Unveils Decade-Long Reform Agenda
London’s Housing Starts Collapse as Planning and Building Costs Stall Development
Charlie Sheen’s Daughter: "My Dad Didn’t Buy Me a House, My Breasts Bought It"
Vivienne Westwood Casts Cicciolina, 74, in Its New Autumn Campaign
Dejavu: Germany’s Military Expansion Reshapes Europe’s Strategic Balance With France
Naturally Conceived Identical Quadruplets Born in Rare Brisbane Delivery
Tate Brothers Fight British Extradition Bid After Miami Arrests
×