De-dollarization in the world is in full swing says Lavrov

By Rhod Mackenzie

The Russian Foreign Minister Sergei Lavrov stated that de-dollarization is occurring globally, including Russia's bilateral relations with other countries.
It is important to clarify the objectives we have set for ourselves. According to Lavrov, the tasks are aimed at ensuring that matters of strategic importance, which affect our security, socio-economic development, and the well-being of our citizens, are not dependent on discredited mechanisms that have been controlled by the West, led by the United States, for many years. Lavrov made this statement while speaking with deputies during the 'government hour' in the State Duma.

He quoted Russian President Vladimir Putin, who stated that the US currency has become a weapon, leading countries worldwide to question whether they should engage with it.
Dedollarization is well underway and being conducted bilaterally. Approximately 90% of trade turnover with China is already in national currencies, and around 50% of trade with India is also conducted in national currencies. Similar figures apply to trade with Iran and many other countries. The transition to national currencies will continue, alongside multilateral efforts to establish regional and global payment mechanisms for alternative forms of payment,” stated Lavrov.

Since February 2022, Russia has significantly reduced payments in dollars and euros due to Western sanctions pressure. As a result, the country has switched to settling transactions in national currencies with Laos, China, Turkey, Kazakhstan, and other nations. Furthermore, in November, Pakistan purchased Russian grain using UAE dirhams for the first time.