Russia develops new economic ties amid concerns over US dollar dependency

(MENAFN) According to Kremlin spokesman Dmitry Peskov, Russia is actively developing a new system of economic relations with other countries due to concerns that the US dollar-based mechanism is "unreliable, false, and dangerous." Peskov made these remarks on Saturday, indicating Russia's growing unease with the current monetary system.

During a press briefing in Moscow, Peskov conveyed that there is little need to fret about the weakening of the dollar system, as the United States is purportedly undermining it through its actions.

"Russia is building a new system of economic connections because the previous system turned out to be unreliable, false, and dangerous. Russia is looking for an opportunity to develop alternatives," he stated.

Russia has consistently criticized the United States for leveraging its dominance in the global financial system to enforce financial sanctions. These sanctions include freezing accounts, restricting payments, banning the use of the dollar, a primary international payment currency, and influencing fund allocation through international financial institutions.

The United States exerts control over the international system for transmitting information and conducting payments, known as SWIFT. Additionally, it is home to two of the world's largest financial institutions, the World Bank and the International Monetary Fund.

According to President Vladimir Putin, Russia has faced US sanctions for nearly its entire modern history. However, when Moscow initiated its "special military operation" in Ukraine in February 2022, the US and its Western allies imposed multiple rounds of sanctions. As a result, Russia found itself in a challenging situation, nearly isolated from the global financial system.

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