De-dollarization has begun, says Russia’s foreign minister Sergey Lavrov

Amid clamouring call of de-dollarization, Russian Foreign Minister Sergey Lavrov highlighted that the process has “begun”, adding that several other initiatives have been worked upon to stop settlement of trade in the US dollar. “De-dollarization has begun, both in practice and in conceptual speeches,” Lavrov said at the 31st Assembly of the Council of Foreign and Defence Policy. “De-dollarization has begun, both in practice and in conceptual speeches,” Lavrov said at the 31st Assembly of the Council of Foreign and Defence Policy. He further said de-dollarization of the world economy is already in motion and a number of nations are backing it. ‘Protect from abuse of dollar’s persistent role’ The Russian diplomat emphasised on Brazil’s suggestion that the BRICS nations “should give careful consideration” to the task of safeguarding financial transactions within the assembly as well as protecting its New Development Bank from “abuse of the dollar’s persistent role.” Also Read: De-dollarisation: ‘If BRICS uses own currency for trade, it will end dollar's hegemony,’ warns ex-White House economist “We are putting forward many other initiatives concerning this issue,” a report by TASS quoted Lavrov as saying. Russia has ’like-minded’ friends Lavrov further emphasized that the Russian Federation’s position in reducing the prominence of US dollar as the global reserve currency has been shared by several allies and like-minded friends. Don’t Miss: End overseas trade settlement in dollar, use your own currency: Brazil President Lula to BRICS nations US knows how to play with difficulties they create for others More sanctions, including financial restriction, have been imposed on Russia after it began full-scale invasion of Ukraine last year. Lavrov claimed the West has been sending emissaries to other countries, demanding that they sever most, if not all, of their trade, economic and investment ties with Russia. “They (Western nations) know well how to play on the difficulties they themselves create for other countries. And they will probably have a certain result, a certain benefit in the short term,” Sergey Lavrov said. Must Read: Dollar fast losing dominance as global reserve currency as rupee, yuan rise “But in the long term, they, and first and foremost the Americans, are hewing down the bough on which they are sitting… including the roles of the International Monetary Fund, the World Bank, and the role of the dollar in the world’s economy,” he added. With inputs from agencies Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.