‘Sanctions Games’ Weaken Dollar And Euro – Kremlin

• ‘Sanctions Games’ Weaken Dollar And Euro – Kremlin
  by https://www.rt.com/
  The switch to national currencies in cross-border settlements has begun and there is no stopping it, Russian president’s spokespman says
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  The prestige of the US dollar and the euro has been “greatly shaken” by anti-Russia sanctions, which now drive more and more countries to switch to national currencies in settlements with foreign partners, according to Dmitry Peskov, press secretary of the Russian President Vladimir Putin.
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  “Indeed, against the backdrop of these thug-like sanctions games, the prestige of the dollar and the euro has been shaken, most importantly, [the role of] the dollar as the main reserve currency,” Peskov said in an interview with Belarus-24 TV channel.
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  The Kremlin representative drew attention to the fact that more countries are turning to national currencies in their mutual settlements.
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  “This process is now at its initial stages, but it is no longer possible to stop it,” the official stressed, adding that the entire Bretton Woods system “that allowed America to be at the top of the economic pyramid of the world for many decades… is now beginning to erode.”
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  The Bretton Woods System created a collective international currency exchange regime, requiring a currency peg to the US dollar which was in turn pegged to the price of gold. It effectively made the US dollar the world’s main reserve currency. But now, according to Peskov, this system “will be completely washed away” as countries “transfer relations to national currencies, and this practice will expand.”
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  According to Peskov, the world will only profit from the fact that this mechanism is changing.
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  “There are a lot of options here, and this is all a prototype of the future economic system, the formation of which we are now witnessing,” he noted.
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