London Daily

Focus on the big picture.
Monday, Aug 11, 2025

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 4 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
New Road Safety Measures Proposed in the UK: Focus on Eye Tests and Stricter Drink-Driving Limits
Viktor Orbán Criticizes EU's Financial Support for Ukraine Amid Economic Concerns
South Korea's Military Shrinks by 20% Amid Declining Birthrate
US Postal Service Targets Unregulated Vape Distributors in Crackdown
Duluth International Airport Running on Tech Older Than Your Grandmother's Vinyl Player
RFK Jr. Announces HHS Investigation into Big Pharma Incentives to Doctors
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Security flaws in a carmaker’s web portal let one hacker remotely unlock cars from anywhere
Street justice isn’t pretty but how else do you deal with this kind of insanity? Sometimes someone needs to standup and say something
Armenia and Azerbaijan sign U.S.-brokered accord at White House outlining transit link via southern Armenia
Barcelona Resolves Captaincy Issue with Marc-André ter Stegen
US Justice Department Seeks Release of Epstein and Maxwell Grand Jury Exhibits Amid Legal and Victim Challenges
Trump Urges Intel CEO Lip-Bu Tan to Resign Over Alleged Chinese Business Ties
Scotland’s First Minister Meets Trump Amid Visit Highlighting Whisky Tariffs, Gaza Crisis and Heritage Links
Trump Administration Increases Reward for Arrest of Venezuelan President Maduro to Fifty Million Dollars
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
OpenAI Launches GPT‑5, Its Most Advanced AI Model Yet
Embarrassment in Britain: Homelessness Minister Evicted Tenants and Forced to Resign
President Trump nominated Stephen Miran, his top economic adviser and a critic of the Federal Reserve, to temporarily fill an open Fed seat
The AI-Powered Education Revolution: Market Potential and Transformative Impact
Chikungunya Virus Outbreak in Southern China: Over 7,000 Hospitalized
French wine makers have seen catastrophic damage to vines that were almost ready to be harvested after the worst fires in more than 70 years burned through the south of the country
US Lawmaker Probes Intel CEO’s China Ties Amid National Security Concerns
Brazilian President Lula says he’ll contact the leaders of BRICS states to propose a unified response to U.S. tariffs
Trump Open to Meeting Putin as Soon as Next Week, with Possible Trilateral Summit Including Zelenskiy
Katy Perry and Justin Trudeau spark dating rumors, joining high stakes world of celeb-politician romances
US envoy Steve Witkoff arrived in Moscow to seek a breakthrough in the Ukraine war ahead of President Trump’s peace deadline
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Karol Nawrocki Inaugurated as Poland’s President, Setting Stage for Clash with Tusk Government
Trump Signals JD Vance as ‘Most Likely’ MAGA Successor for 2028
US Charges Two Chinese Nationals for Illegal Nvidia AI Chip Exports
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
U.S. Tariff Policy Triggers Market Volatility Amid Growing Global Trade Tensions
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
Representative Greene Urges H-1B Visa Cuts Amid U.S.-India Trade Tensions
U.S. House Committee Subpoenas Clintons and Senior Officials in Epstein Investigation
Sydney Sweeney Registered as Republican as Controversial American Eagle Ad Sparks Debate
Trump Accuses Major Banks of Politically Motivated Account Denials and Prepares Executive Order
TikTok Removes Huda Kattan Video Over Anti-Israel Conspiracy Claims
Trump Threatens Tariffs on India Over Russian Oil Imports
German Finance Minister Criticizes Trump’s Attacks on Institutions
U.S. Proposes Visa Bond of Up to $15,000 for Some Applicants
U.S. Farmers Increase Lobbying Amid Immigration Crackdown
Elon Musk Receives $23.7 Billion Tesla Stock Award
Texas House Paralyzed After Democrats Walk Out Over Redistricting
Mexican Cartels Complicate Sheinbaum’s U.S. Security Talks
Mark Zuckerberg Declares War on the iPhone
×