Foreign Affairs: Russia and China have defeated the US economic weapon of choice
Russia and China have won a landslide victory in the fight against US sanctions, writes in an article for the American journal Foreign Affairs, Agatha Desmarais, director of global forecasting at the Economist Intelligence Unit.
According to her, the era of the “favorite economic weapon” of the United States is coming to an end. The economist believes that Washington used the punitive measures too freely, which caused the resistance of the world. The expert named three convincing responses from Moscow and Beijing to the American leadership.
She recalled that Russia and China have created bilateral currency swaps, which makes it possible not to use the dollar in settlements. Among the effective measures, the specialist mentioned the development of non-Western payment systems like the Chinese alternative to SWIFT CIPS, which has already been joined by more than 1.3 thousand banks from more than 100 countries, as well as the gradual introduction of digital currency. Desmarais noted that the US cannot restrict the use of virtual money issued by the central bank of another country.
Earlier, Russian President Vladimir Putin said that Western sanctions forced Russia to develop its own intellectual products.
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