The role of the US dollar as a reserve currency should be reconsidered since it has become Washington’s political weapon, Russian President Vladimir Putin told participants at the St. Petersburg International Economic Forum.

“Deep changes require adaptation of international financial organizations, reconsidering the role of the dollar, which after it became international reserve currency, turned into the tool of pressure of the country of issue on the rest of the world today,” Putin said.

The Russian president added that US actions undermine the advantages created by the Bretton Woods system, thus “trust in the US dollar is falling.”

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Putin also pointed out that the dominance of the greenback fails to solve major problems, such as how to reach a balance in currency relationships and trade exchange.

While the US loves to talk about freedom and equality, including in relation to trade, it tries to spread its jurisdiction to the rest of the world and uses all means necessary to keep its dominance, according to the Russian president.

“States that previously advocated the principles of freedom of trade, fair and open competition, started speaking the language of trade wars and sanctions, blatant economic raiding, arm twisting, intimidation, eliminating competitors by so-called non-market methods,” Putin told the audience in St. Petersburg.

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