Putin claims US is making a ‘big mistake’ by weaponizing the dollar
According to the Russian president at the BRICS Summit, weaponizing the US dollar undermines the currency's strength and diminishes its credibility. Read the full article at RT.com.
TroibNews 
During a session at the BRICS Summit in Kazan on Wednesday, Russian President Vladimir Putin expressed that the politicization of the US dollar is detrimental to its strength. He made this statement after Dilma Rousseff, president of the New Development Bank, delivered a critical evaluation of the dollar's role as a political instrument.
Rousseff pointed out that the manipulation of the US dollar is negatively impacting global geopolitics, describing it as “a weapon to change the living conditions of the population.” She highlighted the extensive sanctions imposed on Russia, which have compelled numerous Western companies from various sectors such as food, clothing, and automotive manufacturing to exit the country. These sanctions have also significantly limited individuals’ ability to travel and conduct international bank transactions.
Putin echoed Rousseff's sentiments, stating, “Yes, indeed, we can see that this is true. In fact, I think it is a big mistake by those who do this. The dollar remains the most important instrument of world finance and using it as a means of achieving political goals undermines confidence in this currency and reduces its capabilities.”
He clarified that Russia does not intend to abandon the dollar or seek its downfall but is being hindered from using it. “Then we are forced to look for other alternatives, which is what is happening,” he remarked.
In 2022, many Russian financial institutions were excluded from the Western financial system as a reaction to Russia’s military actions in Ukraine. Consequently, Moscow has expedited trade with its international partners using their national currencies, a shift increasingly endorsed by BRICS members who are moving away from the dollar and euro in trade transactions.
In August, Russian Prime Minister Mikhail Mishustin noted that over 95% of mutual settlements between Russia and its largest trading partner, China, are conducted in rubles or yuan. Putin previously emphasized that utilizing local currencies instead of the dollar or euro "helps to keep economic development free from politics as far as possible in the context of today’s world.”
Max Fischer for TROIB News
Rousseff pointed out that the manipulation of the US dollar is negatively impacting global geopolitics, describing it as “a weapon to change the living conditions of the population.” She highlighted the extensive sanctions imposed on Russia, which have compelled numerous Western companies from various sectors such as food, clothing, and automotive manufacturing to exit the country. These sanctions have also significantly limited individuals’ ability to travel and conduct international bank transactions.
Putin echoed Rousseff's sentiments, stating, “Yes, indeed, we can see that this is true. In fact, I think it is a big mistake by those who do this. The dollar remains the most important instrument of world finance and using it as a means of achieving political goals undermines confidence in this currency and reduces its capabilities.”
He clarified that Russia does not intend to abandon the dollar or seek its downfall but is being hindered from using it. “Then we are forced to look for other alternatives, which is what is happening,” he remarked.
In 2022, many Russian financial institutions were excluded from the Western financial system as a reaction to Russia’s military actions in Ukraine. Consequently, Moscow has expedited trade with its international partners using their national currencies, a shift increasingly endorsed by BRICS members who are moving away from the dollar and euro in trade transactions.
In August, Russian Prime Minister Mikhail Mishustin noted that over 95% of mutual settlements between Russia and its largest trading partner, China, are conducted in rubles or yuan. Putin previously emphasized that utilizing local currencies instead of the dollar or euro "helps to keep economic development free from politics as far as possible in the context of today’s world.”
Max Fischer for TROIB News
