/ world today news/ Economist Mikhail Khazin commented on the decision of Russian President Vladimir Putin to switch to payments in rubles for supplies of natural gas to unfriendly countries. In his opinion, this decision deals a strong blow to the global hegemony of the dollar.
„Putin makes us think what will be the price of the collapse of the world dollar system. Now all Western financial experts are writing to their bosses, including Biden, Scholz, Macron, Johnson, how much the proposal that Putin expressed will cost.
This is not so much about the specific costs of buying rubles, which will eventually transfer them to end users, but in the sense that they will have to rebuild the entire infrastructure of financial flows, it will be very expensive.” Khazin pointed out on his YouTube channel.
According to the economist, this move by Russia is well combined with the intention of Saudi Arabia to transfer part of the oil supply to payment in national currencies. We are talking about deliveries to China and the switch to yuan payments.
According to Mikhail Khazin, the dollar is losing its exclusivity as a measure of price in international trade. He believes that in an attempt to save him, the US will try to get out of the heavy anti-Russian scenario, for which they will probably initiate a conversation with the Russian Federation at the highest level.
“Previously, oil and gas were traded only in dollars. The transition of trade to another currency automatically means that in the very near future there will be a possibility of pricing without a dollar. And this is already a disaster for the world dollar. Therefore, people in Washington, thinking soberly, they can say they no longer need the current hard script,” Hazin said.
We remind you that on March 23, Russian President Vladimir Putin announced that the Russian Federation is switching to payments in rubles for the supply of natural gas to buyers from unfriendly countries.
In his words, Western currencies have been “compromised”. And it is very likely that the gas supply payments are just the beginning. In general, Russia may switch to this option when paying for other goods delivered to foreign markets as well.
This was confirmed by the Deputy Prime Minister Alexander Novak, according to whom it has become unreliable to trade oil for dollars and euros. And in the future, here too, it is necessary to switch to settlement in national currencies.
There is still no clear Western reaction to this Russian move. There were statements that they will continue to pay in euros and not in rubles. But these are separate statements, not some consolidated position.
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