London Daily

Focus on the big picture.
Monday, Aug 24, 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
Prime Minister Andy Burnham to Give Ukraine Classified Storm Shadow Blueprints for Domestic Missile Production
UK Graduate Job Vacancies Plunge 45% to Lowest Levels on Record
Government Audit Reveals Pressure on UK Hospitality From Business Rates and Rising Costs
Kindertransport Survivor Prepares to Revisit European Sites Linked to Her Family’s Wartime Separation
Northern England Transport Operators Strengthen Contingency Plans as Travel Demand Rises
New Implant Trials Offer Treatment Prospects for Patients With Refractory Angina
South Wales Reviews Wildfire Response After Exceptionally Dry Summer
UK Treasury Prepares Autumn Fiscal Statement Amid Spending and Defense Pressures
Norfolk Records First Wild Beaver Births in More Than Five Hundred Years
Historic Portrait of Benjamin Disraeli Reported Missing From Parliament’s Art Collection
Five People, Including Police Officers, Killed in A66 Crash as Families Pay Tribute
Most English Secondary Schools Found to Fall Short of National Healthy Food Standards
UK Think Tank Says Productivity Growth May Be Stronger Than Official Data Shows
Reform Party Proposes Lower Social Housing Priority for Foreign-Born UK Citizens
UK Government Plans Business Rate Overhaul to Ease Pressure on Pubs and Hotels
New Daily Diabetes and Weight-Loss Pill Launches Across NHS Pharmacies in England
UK Graduate Job Vacancies Fall to Lowest Level in a Decade
UK Prime Minister Andy Burnham Visits Kyiv to Reaffirm Long-Term Military Support for Ukraine
Iranian Hackers Shut Down British Power Plant for Four Days in Landmark Cyber Attack
Novak Djokovic Reveals Relentless Self-Doubt and Rejects Retirement in New Documentary
Trump Imposes 50% Tariffs on Canadian Goods After Bilateral Trade Talks Collapse
First Bus Bars Unaccompanied Under-Sixteens From Evening Services in Stoke-on-Trent
Lithium-Ion Battery Fires Cost UK Waste Sector About One Billion Pounds a Year
Reform UK Proposes Lower Social Housing Priority for Foreign-Born Naturalised Citizens
UK Government Deploys AI Drones in Crackdown on Illegal Waste Dumping
EU Biometric Border Checks Cause Disruption for British Travellers and Freight Operators
UK Expands Voluntary Drug Treatment Programme for Sex Offenders to Twenty Prisons
CrossCountry Cancels Most Services After Major Power Failure at Control Centre
Met Office Warns El Niño Could Bring Severe Autumn Storms and Higher Food Prices
Resolution Foundation Says UK Productivity Growth May Be Stronger Than Official Data Suggest
Andy Burnham Proposes Giving Regional Mayors Greater Planning Powers
UK Government Overhauls Planning Rules to Accelerate Housing Near Transport Links
Russia Withdraws Ambassador to Britain and Warns of Retaliation Over UK Drone Supplies to Ukraine
Iran-Linked Hackers Blamed for Cyberattack That Shut Down UK Power Plant
Andy Burnham Pledges UK Support for Long-Range Missile Production in Ukraine
Australia Combines Indigenous Fire Knowledge With Satellite Tech to Combat Catastrophic Wildfires
Father and Son Jailed in Scotland Over £900,000 Airport Cannabis Smuggling Operation
UK Fraud Reports Surge Sevenfold as Criminals Exploit QR Codes in Parking Meters and Phishing Emails
Brighton Thrash Aston Villa in Four-Goal Opening Half as Manchester City Trail Bournemouth
Erin Patterson Appeals Triple Murder Convictions After Hotel Mixed Sequestered Jury With Prosecution
Bank of England Maintains Close Watch on Banks Amid Global Economic Uncertainty
Warm Weather and Tourism Support UK High Street Spending During Summer
Westminster Faces Continuing Political and Administrative Fallout From Epstein Files Release
UK Invests in Domestic Defence Drone Manufacturing to Strengthen Military Supply Chains
Around Five Million UK Households Face Higher Mortgage Payments by 2028
Bluetongue Virus Cases Rise Across England, Wales and Scotland
UK Government Holds First National Day for Victims and Survivors of Terrorism
Historic Summer Droughts Threaten UK Harvests and Put Further Pressure on Food Prices
UK Economy Holds Up in Second Quarter Despite Global Energy and Geopolitical Pressures
UK Opens National Artificial Intelligence Safety Testing Facility
×