SPIEF sidelines: Russia may de-dollarize with Latino nations, BRICS
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This occurs as St. Petersburg in Russia hosts the 27th edition of SPIEF from June 5-8, as the diplomat notes that types and forms can be different for the process of de-dollarization, but cooperation will be prioritized.
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Russian President Vladimir Putin attends a meeting with young entrepreneurs at the St. Petersburg International Economic Forum (SPIEF) in Moscow, Russia, June 9, 2022. (Kremlin Pool Photo via AP)
The director of the Latin America Department of the Russian Foreign Ministry, Alexander Shchetinin, relayed to Sputnik on Wednesday that de-dollarization is being discussed in trade between Russia and several Latin American countries such as Cuba, Nicaragua, Venezuela, as well as several BRICS states.
On the sidelines of the St. Petersburg International Economic Forum (SPIEF), Shchetinin said, "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".
This occurs as St. Petersburg in Russia hosts the 27th edition of SPIEF from June 5-8.
The diplomat noted that types and forms can be different for the process of de-dollarization, but cooperation will be prioritized.
"We have negotiations with many countries [in progress]. There are ideas for the introduction of alternative payment platforms... We have a number of other countries with which we maintain normal trade and economic ties: Cuba, Nicaragua, Venezuela," he said, adding that "progress" is currently present in negotiations.
In April, Russia declared that its bilateral commerce with China had nearly fully transitioned away from the US currency, demonstrating the two nations' determination to reduce their reliance on the US-led economic system.
According to Responsible Statecraft, aside from decreasing reliance on the Western-dominated global currency, these de-dollarization activities enable Russia and China to evade the numerous restrictions that now hinder Moscow from conducting business on the international market.
Russia and Iran have also integrated their financial systems while facing restrictions that limit their ability to transact with the West.
