Russian President Vladimir Putin Criticizes the ‘Use of the Dollar as a Political Weapon’

Russian President Vladimir Putin Criticizes the 'Use of the Dollar as a Political Weapon'

Russian President Vladimir Putin has railed against using the dollar as a political weapon in a meeting with the New Development Bank’s president, Dilma Rousseff. Putin stated that this weaponization and the recent developments in global finance complicated the institution’s growth to help third-world countries facing difficult conditions.

Russian President Vladimir Putin Talks Dollar Weaponization in Recent Meeting

Russian President Vladimir Putin referred to the weaponization of the dollar and its effects on the global economy in a recent meeting with Dilma Rousseff, president of the New Development Bank (NDB) — also known as the BRICS bank — during the second Russia-Africa Summit held in Saint Petersburg. Putin explained this weaponization complicated Rousseff’s task of growing and developing the NDB’s role in the current international arena.

Talking to Rousseff, Putin stated:

I am confident that … you will make every effort to develop this institution. In the current conditions, it is not easy to do so, given the developments in global finance and the use of the dollar as a political weapon.

Furthermore, Putin declared that the BRICS countries (Brazil, Russia, India, China, and South Africa) were “increasing the use of national currencies in their mutual settlements,” mentioning that the NDB might have a role to play in boosting these joint activities.

Rousseff’s Statements

Rousseff stated that even as the bank faces liquidity problems, the institution is called to develop a more significant role in the emerging multipolar world order. She explained:

The bank should play a major role in the development of a multipolar, polycentric world. We must work to attract investment in the markets of our partners.

Putin had declared previously that this new multipolar world already being shaped will be “more just and democratic.” Rousseff also talked in favor of using national currencies for international trade, stating:

I also believe that the countries of the developing world can freely make their foreign trade transactions between themselves in their national currencies.

The Roscongress Foundation, a Russian think tank that sponsors the Russia-Africa Summit, had profiled the role of the NDB as a counterpart to the International Monetary Fund (IMF) in a report published in May. In Roscongress’ vision, the bank could issue “energy loans” based on the energy exporting capabilities of each member.

These energy loans would be secured through the NDB, being liquid due to its multi-currency nature, similar to the IMF’s Special Drawing Rights (SDR).

What do you think about Putin’s statements on the weaponization of the U.S. dollar? Tell us in the comments section below.



source https://news.bitcoin.com/russian-president-vladimir-putin-criticizes-the-use-of-the-dollar-as-a-political-weapon/

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