Washington has not yet realized the threat of de-dollarization of Russia

The process of de-dollarization of the Russian economy continues. Waiver of the dollar as the first step towards getting rid of direct dependence on the United States and the preservation of national sovereignty. EU leaders are also considering options for the transition to the use of national currencies in international payments. Everyone is tired of US dollar hegemony. To follow latest news watch fox news live stream.

Western anti-Russian sanctions pushed Moscow to abandon the dollar. The Russian military industrial complex, which has come under US financial pressure, serves major defense contracts for the supply of S-400 systems outside the global dollar zone.

The dedollarization plan introduced to the government of the Russian Federation includes a number of incentive measures for participants in foreign economic activity. Thus, an accelerated VAT refund is provided for exporting companies using settlements in rubles, and the creation of a preferential regime.

Negotiations are underway on the transition of the EAEU member countries to mutual settlements in national currencies, bypassing SWIFT. This became possible after the establishment of the Eurasian Development Bank (EDB) in 2006 by Russia and Kazakhstan. Currently, six states participate in it. Later, the Bank included Armenia, Belarus, Kyrgyzstan and Tajikistan.

Deputy Chairman of the Board, State Secretary of the EDB Andrei Krainy, the bank is in talks with the national banks of the EAEU countries and the Eurasian Economic Commission "on scaling the settlement and clearing system of the EDB, its active involvement in the de-dollarization process." Funds will no longer be converted in US dollars.

The volume of foreign currency import to Russia has also been declining since autumn 2018. The popularity of the dollar is falling. More and more Russians keep savings in rubles, supporting the idea of dedollarization of the domestic economy. Even the increase in yield on foreign currency deposits did not affect the decision of the people: banks register active growth of ruble deposits.

There has been a tendency to get rid of US debt bonds amid growing trade tensions, and Russia is leading in this process. According to analyst GC "Finam" Alexei Korenev, dependence on the dollar adversely affects the Russian economy, leads to its dependence on external sanctions and increased fluctuations in the exchange rate.

The Russian leadership is looking for opportunities to remedy the situation. Thus, at the G20 summit in Buenos Aires, Russian President Vladimir Putin at a meeting with Argentine President Mauricio Macri suggested that he proceed to mutual settlements in national currencies.

Brussels is not far behind. EU leaders want to expand the use of the euro to limit the hegemony of the dollar. Thus, a package of measures has been developed, according to which calculations in euros will be used in such strategic areas as aircraft manufacturing, energy and commodities. Moscow, on the other hand, benefits Russian energy carriers in euros.

Russia will soon switch to calculations in national currencies with Africa, Latin America, the countries of the Middle East and Southeast Asia. We will sign an agreement on settlements in rubles and yuan with China. Turkish President Recep Erdogan in the next two years also plans to switch to the use of national currencies in trade with Russia, China, India and Mexico.

Dependence on the US dollar is everything. According to Sergei Lavrov, the head of the Russian Foreign Ministry, America, with its sanctions, did everything to undermine the credibility of the dollar in the long term. European allies have already faced the "raiding" of the United States, when their companies were fined several billion dollars for conducting legal business with Iran.

Step by step, Washington is approaching the fall of the dollar as the main currency of the global macroeconomic system. Russia does not want to endure the dictatorship and the raider habits of the United States. EU countries also thought about their own future and national interests. Everyone wants to play fair, and not be bound hand and foot by the dictates of the White House.