MOSCOW, Sep 8 (IANS) Traditional monetary standards such as the US dollar and the euro have lost their validity as a reason for global payments, Russian President Vladimir Putin has said.
“Western nations have subverted the foundations of the global monetary framework. There is a lack of trust in the authentic dollar, euro and pound as monetary forms to exchange, hold resources and store,” RT revealed referring to the president’s remarks at the seventh annual Eastern Economic Forum in Vladivostok on Wednesday.
He also noted that this tilt pushes Russia and many other countries to switch to other currency standards, most notably the Chinese yuan.
“Little by little we are moving away from the use of these inconsistent and compromised monetary standards. Moreover, coincidentally, even the American partners are step by step reducing their reserve funds and quotas in dollars, according to measurements… I note that yesterday Gazprom and its Chinese accomplices agreed to pay for gas in rubles and yuan at 50/ 50 split,” Putin said.
Western countries are harming everyone, including their own relatives, trying to safeguard the world dominance that is slipping out of their hands, he added.
As Putin put it, the unfolding of the global monetary emergency was triggered by “Western elites, who were unwilling or even unable to recognize objective realities” about global changes, RT revealed.
The pioneers in the US and their partners are trying to protect “the world demand that benefits only them, forcing everyone to live by the standards they envisioned and that constantly break and change depending on the circumstances,” he added.