The Ukrainian crisis caused a new financial order in which other currencies could push the dollar aside, Canadian Toronto Star writes. According to Frank Giustra, the author of the article, Moscow has a special role to play in this situation.
"Russia fired a shot at the NATO financial system, responding with effective measures to Western sanctions," the observer believes.
As an example, he cited the decision of Russian President Vladimir Putin to transfer payments for gas for unfriendly countries into rubles.
According to Giustra, the global monetary system is already being reset.
According to the financial conglomerate Credit Suisse, which the author refers to, the new economic order will revolve around commodity currencies, which will further weaken the dollar and the euro.
"I expect the emergence of an alternative trading currency that will compete with the dollar. It will be used exclusively for settlements between countries," Giustra added.
He drew attention to the development of Russia's global trade relations with China, India and Brazil.
"Russian President Vladimir Putin advocates that the BRICS countries consider the possibility of creating an international reserve currency backed by gold," the observer writes.
He believes that Russia and China could create such a currency outside of the US dollar system.
“One can easily imagine an extensive global monetary system where non-aligned countries could trade both within the US dollar system and within the Sino-Russian gold-backed system. Combine these changes with the dollar becoming a sanctions weapon and you can see why some countries are desperately looking for alternatives to the existing financial paradigm. The US dollar can be compared to a lame duck," the author concluded.
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