Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian medical sources: 37 Palestinians have been killed by Israeli fire in the Gaza Strip since dawn today
Israeli media report an ongoing security incident in Khan Younis, south of the Gaza Strip
Al Mayadeen's correspondent: A group of collaborators complicit in the Israeli aggression was arrested in Lorestan Province, western Iran
Al Mayadeen's delegate: The emergency session of the International Atomic Energy Agency's Board of Governors, at Russia's request, to discuss the Israeli aggression against Iran has begun
Israeli media platform: The drone is approaching Caesarea, where Netanyahu's residence is located
Israeli Channel 12: The drone hunt continues, and air raid sirens expand to new areas in the north
Israeli media: Sirens continue to sound in more than 21 settlements in the north
Israeli media outlet: Aerial pursuit of at least two targets reported in the Beit She'an area
Baghaei: We clearly declare that all countries that supported the Zionist regime or sought to justify this aggression are considered accomplices in this aggression
In a press conference, Iranian Foreign Ministry spokesperson, Esmaeil Baghaei: The American stances are contradictory, and Washington is part of the blatant aggression against Iran

Iran official: China, Russia dump of US dollar is 'very good progress'

  • By Al Mayadeen English
  • Source: Agencies
  • 12 Oct 2022 17:58
  • 8 Shares
2 Min Read

China and Russia's dump of the dollar may represent a victory in the face of US financial hegemony.

  • x
  • Adviser to Iran's Supreme Leader in international affairs, Ali Akbar Velayati
    Adviser to Iran's Supreme Leader in international affairs, Ali Akbar Velayati

The adviser to Iran's Supreme Leader in international affairs, Ali Akbar Velayati, told Russian sources on Wednesday that Russia and China's trade with currencies other than the US dollar represents "very good progress" in the face of Washington's hegemony of the IMF.

"China and Russia, being the two main members of the BRICS, which also includes India, South Africa, and Brazil, are carrying out many transactions with each other without the use of foreign currency [US dollar]. The fact that they are not tied to the dollar, which depends on the will of the US, is very good progress," Velayati said.  

Since the end of WWII, the US has dominated much of the global economy, holding most of the gold and serving as the world’s creditor.

But recently, economists and financial analysts started to notice that the US dollar has been losing its status as the leading global reserve currency.

Prospects of the de-dollarization of the global economy are argued to be unlikely due to the fact that many consider abiding by the sanctions unfairly imposed on Russia too costly.

Related News

Iranian Rial appreciates against USD after Tehran-Riyadh agreement

De-dollarization: Slowly but surely

This may also be accounted for OPEC's most recent decision to cut oil output by two million barrels a day. 

US officials have recently reached out to their counterparts in Saudi Arabia and other Gulf producers with an appeal to delay the decision. However, the answer was nothing else than a resounding "no". 

Earlier today, US President Joe Biden threatened Saudi Arabia with "consequences" due to Gulf countries' resistance to Washington's pressure.

In June, Russian President Vladimir Putin told the BRICS Business Forum that Moscow was working on the development of "alternative international transfer mechanisms" with BRICS partners and an "international reserve currency" to reduce dependence on the dollar and euro.

The CEO of the financial services firm Sovereign Wealth Management, Gary Korolev, believes that it may take years for the alternative monetary system to come to fruition. But the final outcome is likely to be an equilibrium between the western dollar system and the BRICS currency basket.

Read more: US-KSA standoff: Riyadh defies Washington prior to OPEC production cut

  • Iran
  • Dollar
  • US dollar
  • Russia
  • China
  • Currencies

Most Read

Iranian missiles impact Israeli sites in Tel Aviv in 2nd wave

Iran's missiles impact 'strategic' Israeli site in Tel Aviv

  • Politics
  • 14 Jun 2025
Smoke rises after an Iranian ballistic missile directly struck Tel Aviv, Occupied Palestine, June 13, 2025 (AP)

Op. True Promise 3: Iran's ballistic missiles strike Tel Aviv

  • MENA
  • 13 Jun 2025
'Israel' launches major strike against Iran's nuclear program

'Israel' launches massive aggression on Iran

  • MENA
  • 13 Jun 2025
Bin Salman: Islamic world backs Iran in call to Pezeshkian

MBS says Islamic world backs Iran in call with Pezeshkian

  • MENA
  • 15 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Iranian Foreign Minister Abbas Araghchi speaks to journalists after a meeting with Lebanese Parliament Speaker Nabih Berri in Beirut, Lebanon, Tuesday, June 3, 2025. (AP)
Politics

Iran confirms targeting Haifa oil refinery, vows continued retaliation

An Israeli military working dog searches rubble for survivors in an area hit by a missile fired from Iran, near Tel Aviv, occupied Palestine, Sunday, June 15, 2025.(AP)
Politics

Ex-Israeli General warns of strategic defeat in war with Iran

Steve Bannon speaks at the Conservative Political Action Conference, CPAC, at the Gaylord National Resort & Convention Center, Thursday, Feb. 20, 2025, in Oxon Hill, Md. (AP)
Politics

Steve Bannon accuses 'Israel' of pushing US into war with Iran

The Haifa oil refinery burns after being targeted by an Iranian missile, June 15, 2025 (Social Media)
Politics

Iran causes significant damage to Haifa oil refinery, pipelines

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS