Dumping the US Dollar: Will China, Russia, Turkey, and Iran Create a New International Currency?

As Washington is increasing sanctions pressure on its geopolitical competitors and using the US dollar as an instrument to promote its political agenda, China, Russia, Turkey, and Iran may need to come up with a new international currency to counterbalance the greenback’s hegemony, a Turkish economist suggests. Moscow and Beijing need to reduce sanctions risks by bolstering their technological independence, by switching to payments in their national currencies, and global currencies that serve as an alternative to the dollar, Russian Foreign Minister Sergei Lavrov underscored on 22 March during his two-day visit to … (full story)

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