FX.co ★ Russia joins forces with Latin America, BRICS nations to dethrone dollar

Global efforts to dethrone the US dollar are gaining momentum. The Russian government has once again raised the issue by initiating negotiations with Cuba, Venezuela, and BRICS countries. The dominance of the greenback is under threat!

According to Alexander Shchetinin, the Russian foreign ministry's director for its Latin American department, Moscow has begun negotiations on de-dollarizing trade with Latin America. These talks are expected to yield positive results.

Russia is discussing the use of national currencies in transactions with Cuba, Nicaragua, Venezuela, and the BRICS group of nations, Shchetinin said, noting a breakthrough in the negotiations.

"Here is the process of negotiations of business and banking structures ... to find the most acceptable and convenient forms of interaction to ensure trade and economic ties between our countries. One of them is national currencies, the introduction of Mir [payment] cards, the introduction of direct settlements," Shchetinin said.