Lavrov called the United States the main culprit in the start of the de-dollarization process

The United States creates problems for other countries and cuts the branch on which it sits, reducing by its actions the role of the International Monetary Fund (IMF), the World Bank and the dollar in the world economy, declared Russian Foreign Minister Sergei Lavrov at the XXXI Assembly of the Council on Foreign and Defense Policy.

The era of transition to multipolarity and refusal to obey the hegemon has arrived, and Russia has many allies in this work, Lavrov said. Among them are China, India, Turkey, Iran, the states of the Persian Gulf, the countries of Latin America and the Caribbean. However, the West sends its emissaries around the world demanding to stop most of the trade, economic and investment ties with Moscow, the minister said.

“They know how to play on the problems and difficulties that they themselves create for other countries. In the long run, they – first of all, the Americans – cut the branch on which they sit, including the role of the IMF, the World Bank and, of course, the role of the dollar in the global economy. Dedollarization has begun. Moreover, both in practice and in conceptual presentations,” Lavrov said.

Earlier, IMF Managing Director Kristalina Georgieva said that the organization records a gradual decline in the role of the dollar in the global economy. However, in the near future, according to her, an alternative to the dollar is not expected.

In April, Lavrov called the trend of abandoning the dollar for settlements in international trade irreversible. In March, State Duma Speaker Vyacheslav Volodin called on countries to abandon the dollar to protect their economies amid the collapse of the American Silicon Valley Bank and Signature Bank. The Kremlin then noted that the sanctions imposed by Western countries largely insured the Russian economy from the consequences of the banking crisis in the United States.

April 13 Brazilian President Luiz Inacio Lula da Silva declared on the need to create an alternative currency to the dollar for settlements in international trade. He also asked a rhetorical question about the possibility of using an alternative currency in settlements between Brazil and the BRICS countries and suggested that other states use their own currencies in trade and abandon the dollar.