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Kremlin Warns Against U.S. Politicization of the Dollar

Kremlin spokesperson Dmitry Peskov has expressed concerns over the U.S. using the dollar as a political tool, raising alarm among many countries about the future reliability of the currency.

According to Russia’s TASS news agency, while not all countries are ready to abandon the dollar, the U.S.’s strategy of “weaponizing” its currency has led many nations to consider alternative solutions. This shift comes in the wake of the U.S. and EU freezing around $300 billion of Russian assets due to the Russia-Ukraine conflict.

Peskov emphasized that Russia has no intention of undermining the dollar but aims to maintain trade relations with its partners. Russia has successfully expanded the use of local currencies in bilateral payments with several countries.

China, one of Russia’s largest trading partners, currently holds over $3.3 trillion in foreign exchange reserves. Economists are urging a reassessment of how these funds are managed due to concerns over potential restrictions on their use in the future.

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