PHOTO/RT
MOSCOW, – Vice-President of Russia’s Security Council Dmitry Medvedev said today that the current situation will force world powers to negotiate a new financial order.
“As much as someone does not want it, a new world financial order must be negotiated,” the former Russian president published on his Telegram channel.
According to the senior official, the decisive word will be given to countries with strong and advanced economies, sound public finances and reliable monetary systems.
He asserted that this would not be the case with nations “which are constantly increasing their public debt, issuing new and new counterfeit paper and bonds not guaranteed by national wealth, which decrepit authorities can always refuse to pay.”
In Medvedev’s view, an era of regional currencies is dawning, in which the world is waking up and confidence in major currencies “is disappearing like the morning fog”.
He suggested that “eliminating the dollar and euro as the world’s main reserves doesn’t sound like a very fantastic prospect.”
On March 18, Russian Economic Development Minister Maxim Reshetnikov noted that member countries of the Eurasian Economic Union (EAEU) have agreed to gradually move to local currency settlements.
The senior official told TV channel Russia 24 that these transactions are currently being conducted in foreign currency, which poses a barrier to trade and business in the UEE given the more than 6,300 sanctions imposed on Russia, the main economic powerhouse were out of the group.
“That’s why we started to form a common ruble area,” stressed Reshetnikov, referring to the state bloc of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, as well as Moldova, Uzbekistan and Cuba, which have observer status. .
Russian Finance Minister Antón Siluánov warned March 13 that the country had frozen around $300 billion through foreign sanctions, almost half of its international reserves.
National authorities approved a series of economic and financial provisions to deal with the foreign punitive measures imposed on the country, most of them after the start of the military operation in Ukraine on February 24.
The United States, United Kingdom, Canada, Japan and European Union countries have imposed new sanctions on Russia, targeting key sectors including trade, finance, energy, exports, and aerospace.
The restrictions included the partial disconnection of Russian banks from the Swift international payments system, the closure of airspace to their airlines, the paralysis of the Central Bank of Russia’s international reserves, and Washington’s embargo on oil purchases.