BRICS, Africans Discuss Launch of Dollar Rival
TEHRAN (Tasnim) – Russia, the fellow BRICS members, and other African countries are weighing plans for a new global currency that could challenge the US dollar’s dominance and become analogous to the euro for non-Western states, a top Russian parliamentarian said.
In an interview with Russian media on Wednesday, State Duma Deputy Speaker Aleksandr Babakov stated that having passed the test of Western sanctions, Moscow is ready to take on a new role in the world order and, together with partners, undermine the hegemony of the US.
The Russia-Africa summit held in St. Petersburg last week is direct evidence of the failure of the collective West to isolate Russia, he added, outlining new trends in the international relations system.
Babakov stressed that achieving real sovereignty for Russia would necessitate shifting away from the dominance of the US currency. Moscow and its partners would need to agree on a new monetary unit and on the rules for its functioning, he explained, RT reported.
When asked about the new currency, the Russian MP responded, “This is not the yuan and not the ruble. There are already certain formulations... The name is not important, but it should be an analogue of the dollar.”
“After all, the BRICS in terms of its potential today is greater than the G7. That is, the potential of the market where this currency can function is very wide. There are no reasons to be tied to the dollar…” Babakov stated.