Russian Foreign Minister Says Russia is in Favor of Setting Up Independent Payment Networks

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Mar 2, 2023

During a G20 Foreign Ministers Meeting on March 2, 2023, Russian Foreign Minister Sergei Lavrov announced that Russia is in favor of setting up independent payments systems and the expansion of payments in national currencies. Russia wants to realize this within the framework of BRICS, Eurasian Economic Union (EAEU), and the Shanghai Cooperation Organization (SCO). 

“We focus on forming reliable transport corridors, independent payment systems, and the expansion of payments in national currencies within the framework of BRICS, SCO and EAEU,”  Lavrov stated.

The Russian foreign minister also stated that Russia is diversifying its economic ties and trade relations with partners. 

Indeed, in the era of multipolarity the days of the United States’ dollar reserve standard as the sole currency for global commerce is slowly coming to an end. A combination of the rise of China and Russia on the world stage and the US’s deteriorating socio-economic situation has created the conditions for the US to no longer be the top dog on the world stage when it comes to economic and military affairs. 

If the US wants to remain a prosperous and secure society, it must reduce its imperial footprint and scale-back its managerial state at home. Should it maintain its present political order the US will not only decline socio-economically but it will also be leapfrogged by its rivals in Eurasia. 

That’s what happens when a political class doesn’t recognize the limits of building an empire.

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