Russian President Vladimir Putin has declared that if Middle Eastern oil producers abandon the US dollar in their transactions, it will mark the end of the dollar’s global dominance.
In a recent economic event, Putin emphasized the need for countries to reduce their reliance on the US dollar in international trades.
He suggested that major oil suppliers from the Middle East consider switching to alternative currencies, such as the euro, yuan, or digital payments.
“The dollar’s reign will come to an end if leading oil exporters from Arab nations turn to alternative currencies,” Putin stated.
This remark aligns with Russia’s strategy to minimize its dependence on the US dollar and reduce its use in the economy. Putin has repeatedly highlighted the significant influence the US wields over global trade through the dollar’s dominance.
