Russian Foreign Minister predicts collapse of the US dollar Wednesday, August 15, 2018 4:00:31 PM

Washington’s abuse of the role of American dollar as the world’s reserve currency can lead to the currency’s position weakening, stated bythe Russian Minister of Foreign Affairs, Sergey Lavrov, following the meeting of the Ambassadors and permanent representatives of Turkey to international organizations, Russian state-owned TASS news agency reports.

According to the Minister, the sanctions imposed by the USA have no legal basis, contradict the world trade principles and undermine the rules approved by the UN that prohibit unilateral measures of economic coercion.

“And as to how to overcome these unlawful barriers and restrictions, yes indeed, the use of national currencies in mutual trade is one of the main tasks set by the Presidents of Russia and Turkey,” Lavrov said. The Foreign Minister also said that Russia already did this with Iran. The trade with China also switches to payment in national currencies.

“I am sure that a flagrant abuse of the dollar as the world’s reserve currency can result in the weakening of its role. The dollar will fall and more and more countries that were not even affected by the American sanctions will move away from the dollar and rely on stronger and more reliable partners in terms of the use of their currencies,’” Lavrov explained.

Last week, the US government announced more sanctions against Russia beginning August 22 in retaliation for the poison attack on Russian ex-spy Sergei Skripal and his daughter Yulia in the British city of Salisbury. The Novichok nerve agent that was found in their bodies was produced in Russia. British authorities and most Western countries held Russia responsible for the incident.

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