Russian President Vladimir Putin issued a threat to “eliminate” the U.S. dominance in the world according to a signed decree, per International Business Times.
The Russian president has called the United States a “source of major risks” to Russia and international peace in an 11,000-word doctrine titled, the Concept of the Foreign Policy of the Russian Federation, and posted on the Kremlin website.
“Russia’s course towards the United States is of a combined nature, taking into account the role of this state as one of the influential sovereign centers of world development and at the same time the main inspirer, organizer and executor of the aggressive anti-Russian policy of the collective West, the source of the main risks for the security of the Russian Federation, the international world, balanced, fair and progressive development of mankind,” according to the signed decree.
“In order to facilitate the adaptation of the world order to the realities of a multipolar world, the Russian Federation intends to give priority attention to eliminate the vestiges of dominance of the USA and other unfriendly states in world affairs, creation of conditions for the refusal of any state from neo-colonial and hegemonic ambitions,” the doctrine continued.
Putin further claimed that the U.S. and its allies were using the conflict in Ukraine to “unleash a new type of hybrid war” against Moscow.
“Considering the strengthening of Russia as one of the leading centers of development of the modern world, considering its independent foreign policy a threat to Western hegemony, the United States of America (USA) and its satellites used the measures taken by the Russian Federation to protect their vital interests in the Ukrainian direction as a pretext for exacerbation of many years of anti-Russian policy and unleashed a new type of hybrid war.”
“It is aimed at weakening Russia in every possible way, including undermining its creative civilizational role, power, economic and technological capabilities, limiting its sovereignty in foreign and domestic policy, and destroying territorial integrity. This course of the West has acquired a comprehensive character and is fixed at the doctrinal level. It was not the choice of the Russian Federation. Russia does not consider itself an enemy of the West, does not isolate itself from it, has no hostile intentions towards it, and expects that in the future the states belonging to the Western community will realize the futility of their confrontational policy and hegemonic ambitions, take into account the complex realities of a multipolar world and return to pragmatic interaction with Russia, guided by the principles of sovereign equality and respect for each other’s interests. On this basis, the Russian Federation is ready for dialogue and cooperation.”
Over 2,500 sanctions have been imposed by the US Treasury Department against Russia since February 2022.
As a result, China’s Yuan is now the most traded currency in Russia.
Fortune reported:
The yuan surpassed the dollar in monthly trading volume in February for the first time, and the difference became more pronounced in March, according to data compiled by Bloomberg based on daily transaction reports from the Moscow Exchange. Before the invasion, the yuan’s trading volume on the Russian market was negligible.
Russia has deepened its ties with China since the Feb. 2022 invasion prompted a break in relations with the West. In March, Chinese President Xi Jinping made Moscow his first visit abroad after his reelection and promised the Kremlin expanded cooperation in the areas of trade, investment, supply chains, mega projects, energy and hi-tech.
Sweeping sanctions targeting Russia’s financial system have forced the Kremlin and Russian companies to switch their foreign-trade transactions from the dollar and euro to currencies of countries that have declined to join any restrictions.
The Finance Ministry converted its market operations to the yuan instead of the dollar earlier this year and developed a new structure for the national wealth fund to hold 60% of its assets in yuan. The Bank of Russia regularly calls on companies and citizens to move their assets into the ruble or “friendly” currencies to avoid the risk of having them blocked or frozen.
Despite all that, the dollar remained the most popular currency on the Russian market until now, only rarely losing out to the yuan in terms of volumes on any given trading day, according to exchange data compiled by Bloomberg.
India also has offered its currency as an alternative for trade to nations that are experiencing a shortage of dollars.
Bhagwat Karad, India’s minister of state for finance, said that the Reserve Bank of India had approved the opening of special rupee vostro accounts (SVRAs) of correspondent banks from 18 countries in 60 separate cases.
Even Kenyan President William Ruto urged his constituents who hold US dollars to get rid of them as the government plans to import fuel in Kenya shillings.
