Russia in Global Affairs

We must decide whether we are going to live indefinitely with the Western increasingly dysfunctional monetary system used as a geopolitical tool, or we will gather economic, political, and intellectual efforts to get out of this trap. The next few years will tell whether Global South countries are up to this challenge.

The use of multiple national currencies in trade, of energy and food imports, are steps towards diversification and risk reduction. This gives countries outside the collective West options and choices that have become available as multipolarity consolidates. As dollar transactions decline, the value of US based strategic reserves will also decline – since the two are linked.