De-Dollarization: Russia Urging Southeast Asian Countries to Ditch USD
Russia's trade with Southeast Asia fell by 4.4% in 2022 amid sweeping sanctions against Moscow over its invasion of Ukraine.
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Russia's trade with Southeast Asia fell by 4.4% in 2022 amid sweeping sanctions against Moscow over its invasion of Ukraine.
A 2019 report from the London School of Economics warned that weaponization of the dollar can trigger a "complete reversal of global economic integration" and geopolitical shifts that destroy the WTO system.
The dollar's dominance is determined by economic factors and not geopolitcal risk, Carla Norrlöf of the Atlantic Council wrote in Project Syndicate.
Recently, the Russian embassy in Kenya said the BRICS group of countries are working on a common currency backed by gold in a bid to dedollarize.
The de-dollarization movement has gathered steam this year, but don't expect any other currency to supplant the greenback anytime soon.