Russia: US currency dominance will disappear eventually

Shafaq News/ Russian Deputy Foreign Minister Alexander Pankin announced on Wednesday the launch of the "de-dollarization" process, stating that the dominance of the US currency is on its way to disappearing sooner or later.

Pankin emphasized that many countries are getting stronger and more confident in their currencies. He acknowledged that the dollar's position is strong in the global economy. Still, he added that there are some dependencies beyond its financial use, including military-political and economic relations.

"These trends show that the US dollar is becoming big, strong, and toxic for everyday operations. It's not a mainstream trend, but I believe it might become a trend," he noted.

Pankin noted that dominant currencies have a lifespan, citing examples of previous currencies that have lost their dominance, such as the Dutch guilder, Portuguese escudo, and pound sterling