Expert claims Western financial strategies are pushing nations to abandon the dollar
According to Huang Yunsong, a professor at Sichuan University, de-dollarization stems from harmful actions by the United States and the IMF. Read Full Article at RT.com
TroibNews 
As global economic power shifts toward the East, there is a growing necessity for nations to diversify their currency baskets, according to Sichuan University Professor Huang Yunsong. He shared these insights during a panel discussion at the Eastern Economic Forum in Vladivostok, Russia, focusing on the nation’s economic collaboration with India and China.
Huang noted that many countries are moving away from the US dollar, which has increasingly been wielded as a tool to “usurp” financial relations. This shift has gained traction in the context of the unprecedented economic sanctions imposed on Russia by the US and its allies following the onset of the Ukraine conflict. With Russia effectively excluded from the Western financial system, it has sought alternative settlement solutions, prompting many of its foreign partners to follow suit.
He emphasized that nations are now looking to diversify their currency options due to three primary reasons: the detrimental influence of the International Monetary Fund on their economies, specific practices implemented by the US, and sweeping changes in global economic policies.
Huang remarked, “The US often usurps trade and financial relations by imposing dependence on the dollar on all participating countries,” and highlighted that many nations find this situation increasingly intolerable.
He also pointed out the global “shift in economic development” and the transition of economic centers to the East, specifically to China and Russia, which is encouraging countries to conduct business and trade in their national currencies.
These sentiments were supported by Russian Professor Stanislav Tkachenko from St. Petersburg State University, who stated that de-dollarization “is a key for dismantling the American hegemonic system.”
During the plenary session of the EEF, Russian President Vladimir Putin described how the dollar, a dominant global currency since World War II, is rapidly losing its status. He clarified that Russia didn't choose to abandon the dollar but was compelled to do so after being effectively barred from using it.
Putin stated, “We were not pursuing a de-dollarization policy. We did not refuse to settle transactions in dollars. Rather, we were refused, and were simply forced to look for other options.” He referred to the sanctions the US initiated against Russia in 2022, which included cutting off access to dollar transactions for Russia’s central bank and prohibiting the export of dollar banknotes to the country. He also highlighted that Russia and its BRICS partners are now utilizing national currencies for 65% of their mutual trade settlements.
Anna Muller contributed to this report for TROIB News
Huang noted that many countries are moving away from the US dollar, which has increasingly been wielded as a tool to “usurp” financial relations. This shift has gained traction in the context of the unprecedented economic sanctions imposed on Russia by the US and its allies following the onset of the Ukraine conflict. With Russia effectively excluded from the Western financial system, it has sought alternative settlement solutions, prompting many of its foreign partners to follow suit.
He emphasized that nations are now looking to diversify their currency options due to three primary reasons: the detrimental influence of the International Monetary Fund on their economies, specific practices implemented by the US, and sweeping changes in global economic policies.
Huang remarked, “The US often usurps trade and financial relations by imposing dependence on the dollar on all participating countries,” and highlighted that many nations find this situation increasingly intolerable.
He also pointed out the global “shift in economic development” and the transition of economic centers to the East, specifically to China and Russia, which is encouraging countries to conduct business and trade in their national currencies.
These sentiments were supported by Russian Professor Stanislav Tkachenko from St. Petersburg State University, who stated that de-dollarization “is a key for dismantling the American hegemonic system.”
During the plenary session of the EEF, Russian President Vladimir Putin described how the dollar, a dominant global currency since World War II, is rapidly losing its status. He clarified that Russia didn't choose to abandon the dollar but was compelled to do so after being effectively barred from using it.
Putin stated, “We were not pursuing a de-dollarization policy. We did not refuse to settle transactions in dollars. Rather, we were refused, and were simply forced to look for other options.” He referred to the sanctions the US initiated against Russia in 2022, which included cutting off access to dollar transactions for Russia’s central bank and prohibiting the export of dollar banknotes to the country. He also highlighted that Russia and its BRICS partners are now utilizing national currencies for 65% of their mutual trade settlements.
Anna Muller contributed to this report for TROIB News
