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
An Arab-Islamic summit will be held in Doha in the coming days, where the participants will decide on a course of action: Qatari PM to CNN
Qatar hopes that there will be a 'collective response' to 'Israel’s' strike on Hamas officials in Doha: Qatari Prime Minister Mohammed bin Abdulrahman bin Jassim Al Thani to CNN
Yemeni Ministry of Health: 35 martyrs and 131 wounded as a result of the Israeli aggression on Sanaa and Al-Jawf Governorate
Netanyahu addresses Qatar, all countries that provide refuge to "saboteurs", says: Either expel them or bring them to trial, or we will do it ourselves
Canada is evaluating ties with 'Israel' after Qatar attack, foreign minister says
Yemeni Ministry of Health: 9 were martyred and 118 were wounded in an initial toll of the Israeli aggression on the capital, Sanaa, and Al-Jawf Governorate
Saba: The Israeli aggression targeted the building of the Central Bank of Yemen branch in Al-Hazm, Al-Jawf Governorate, resulting in injuries among the employees
Senior source to Al Mayadeen: The attack targeted the headquarters of the 26 September Net newspaper, killing and injuring dozens of journalists
Al Mayadeen's correspondent: The Israeli aggression targeted a medical facility belonging to the health sector on Al-Sitteen Street, southwest of the Yemeni capital
Source to Al Mayadeen: Targeting the complex is clear proof of [Israeli] incompetence and failure

World biggest economies looking for USD alternatives

  • By Al Mayadeen English
  • Source: Bloomberg
  • 22 Dec 2022 21:13
  • 2 Shares
4 Min Read

The USD might suffer the repercussions of Washington's actions soon enough as numerous countries move to abandon the greenback.

  • x
  • A 100 USD banknote
    A 100 USD banknote

As the United States grew into the behemoth it has been for nearly the past century and started weaponizing its currency, which has become a staple on the global market, treated as the default banknote used in international trade and for setting the price of oil, smaller nations and major economies have begun delving into de-dollarization in a bid to relieve themselves from growing US pressure.

The nations in question, at least a dozen of which are in Asia, are experimenting with de-dollarizing their economies in a bid to circumvent the greenback's negative influence. This also comes as a ton of corporations around the world are selling large portions of their debt in local currencies, according to Bloomberg.

With the dollar's might and standing within the international arena, it would be quite a daunting task to take it from the pedestal it has been on for decades, especially as it has been the chief medium of exchange between various nations.

However, just like this, it was not expected for countries to explore payment mechanisms circumventing the greenback or the SWIFT mechanism that has the entire world's financial system in a chokehold. But now it's a different story.

The sanctions imposed on Russia under Biden over the Ukraine war, which include the country's exclusion from the SWIFT system, prompted new technological prowess and innovations to emerge, replacing the US-controlled system and encouraging countries from all over the world to abandon ship toward the alternatives.

Read next: Russia moves from SWIFT to more secure mechanisms: Official

According to Russian Deputy Minister Alexander Pankin, Russia believes that a gradual shift from the SWIFT interbank payment system to more secure channels for sending financial information protected from external pressure is necessary.

"This is a forced, but completely natural decision in an environment where Russian banks and their clients regularly encounter problems with routine international payments," Pankin said in November.

Related News

Pro-'Israel' rightist Charlie Kirk shot dead during Utah speech

Apple's discreet update to AI guidelines after Trump's return

"We are certain that not only Russia, but also other pragmatic states, of which there are many, are interested in the emergence of a truly unbiased and independent of Western countries' changing moods international payment infrastructure," the diplomat stressed.

The weaponization of the dollar has fired back against the United States, putting it in a corner as the rest of the world seeks other means of development away from those under Washington's hold.

Both China and Russia are already mulling means of promoting their currencies for international payments, including through the use of blockchain technologies, with Moscow kicking off remuneration for energy supplies in rubles.

Bangladesh, Kazakhstan, and Laos have also been holding intense talks with China on the issue as India has been increasingly talking about the internationalization of its currency, the rupee.

Russia getting sanctioned showed that Washington would not stop at anything to achieve its political interests, a main concern for China and India, as the latter has been developing its own national payment systems that could serve as an alternative to SWIFT.

Russia started developing its own national payment system when the US targeted it with sanctions in 2014. Back then clients of several Russian banks were temporarily unable to use Visa and Mastercard due to the restrictions. 

Launched in 2017, Mir is a Russian banking system, meaning both "peace" and "world" in the language. With the West's current isolation measures of Russia, Iran, Cuba, and other countries from the SWIFT banking system, friendlier alternatives have been on the rise in a bid to combat the West's economic hegemony and aggression. 

Since the introduction of the new system, Russian banks have already issued more than 129 million MIR cards. They are currently accepted in Turkey, Vietnam, Armenia, South Korea, Uzbekistan, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, South Ossetia, and Abkhazia.

Last week, the Iranian finance ministry's banking and insurance department said that Iran could join the Mir payment system within months of when talks between Tehran and Moscow reach a conclusion. This, according to Qorban Eskandari, the department's head, could be in the very near future.

Earlier this month, Indian media reported that the country’s ATMs and terminals may soon start accepting Russian MIR debit and credit cards, while Russia was planning to reciprocate and begin accepting Indian RuPay.

  • United States
  • Mir banking cards
  • Russia
  • SWIFT
  • Russian banks
  • China

Most Read

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Israeli police and rescue teams respond at the scene of a shooting attack where several people killed and injured in Jerusalem, Monday, Sept. 8, 2025 (AP)

Al-Quds shooting: 7 settlers killed, several critically injured

  • Politics
  • 8 Sep 2025
Damage sustained after a Yemeni drone exploded in Ramon Airport, southern occupied Palestine, Sunday, September 7, 2025 (Social Media)

Yemeni drone successfully hits Ramon Airport in southern Palestine

  • Politics
  • 7 Sep 2025
In the immediate aftermath of Parubiy’s slaying, claims emerged he had months earlier requested formal protection from the SBU, only to be rebuffed. (Al Mayadeen English; Illustrated by Batoul Chamas)

The Ukrainian neo-Nazi who knew too much?

  • Opinion
  • 5 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Anti-Islam US biker gang running securfity at Gaza aid sites
Palestine

Anti-Islamic US biker gang running security at Gaza aid sites: BBC

Human rights groups file war crimes case against Israeli-German sniper
Europe

Gaza war crimes case in Germany targets Israeli 'Ghost Unit' sniper

Kamala Harris: Dems reckless to defer to Biden on 2024 re-election bid
US & Canada

Harris: Dems 'reckless' to defer to Biden on 2024 re-election bid

Trump’s strike on Venezuela drug boat sparks legal, political concern
Latin America

Trump’s 'strike' on Venezuela boat sparks legal, political concern

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