New global financial order is emerging: Former Russian President, Dmitry Medvedev

New global financial order is emerging: Former Russian President, Dmitry Medvedev

Moscow – A new global economic system is taking shape internationally. But Western nations will not have a special place in it, claims former Russian President Dmitry Medvedev. Medvedev also warned that the US and Western nations’ plans to cripple the Russian economy by imposing sanctions has boomeranged on them. Meanwhile, in addition to Russian fuel, exports of food grains, metals and other important products will only be traded in rubles, Russia’s spokesman Dmitry Peskov has hinted.  

आर्थिक व्यवस्था, वैश्विक आर्थिक व्यवस्था,

It has been more than a month since the start of the Russia-Ukraine conflict, and the United States and its allies have continued to impose tough sanctions on Russia. The sanctions targeted all sectors of the Russian economy, from fuel, which is considered to be the foundation of the Russian economy, to other sectors like finance, banking, defence, investment, space and technology. Sanctions are being used as a weapon to force Russia to retreat. Despite its impact on the Russian economy, Russia has not withdrawn. On the contrary, other options have been started to recover the economy.  

Against this backdrop, Dmitry Medvedev, Deputy Chairman of the Security Council of Russia, has sharply criticised Westerners. The United States and the European Union have ‘tarnished their reputation’ by imposing sanctions against the foreign exchange reserves of the Russian central bank. ‘It is impossible to trust those who freeze the accounts of other states; steal other people’s business, assets and personal possessions, compromising the principles of the sanctity of private property,’ Medvedev slammed Western nations.  

Attempts by Western nations to stop Russia have failed, Medvedev said. ‘The world is gradually moving towards a new logic of global relations. The era of regional currencies is coming,’ in such words, Medvedev indicated the new global economic system. Confidence in the reserve currencies is ‘fading like the morning mist,’ and the idea of banning the use of the dollar and the euro is not so unrealistic anymore. The former Russian President has given the message to the world.  

The Russian government has started preparations to increase the use of its local currency ruble, at the international level. This was informed by the spokesman of the Russian government, Dmitry Peskov. Russia had retaliated by saying, further fuel transactions would be made in rubles if Westerners tried to impose sanctions on Russia’s fuel sector. Now, the price of fuel and food grains and raw materials exported will be fixed only in rubles, Peskov said. It has surfaced that Russia has made proposals to leading countries like China and India in this regard. 

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