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European intel: Kremlin aims to weaken dollar, undermine global financial system

Amid perceived wins in Ukraine, Russia is increasingly focused on leveraging its global position to disrupt the US-led West, warn European security officials.
Russian President Vladimir Putin with Defense Minister Sergei Shoigu, Moscow, March 11, 2016. (Photo: Mikhail Klimentyev/Sputnik)

According to The Washington Post, citing European intelligence data, the Kremlin has held several meetings in the past two years to discuss ways to undermine the dollar as the world’s reserve currency.

The ultimate goal, according to one internal Russian Security Council document intercepted by one European intelligence agency, is to destroy the post-World War II global financial system and the power it gives Washington.

“One of the most important tasks is to create a new world order,” a Kremlin Security Council document dated 3 April 2023 states. “Western countries led by the United States are trying to impose their own structure based on their dominance.”

Another document advocates greater cooperation between China and Russia in artificial intelligence, cyber systems, and the “internet of things.”

Written by Security Council Secretary Nikolai Patrushev, it proposes Beijing and Moscow creating a new financial system and Eurasian digital currency based on alternative payment systems like blockchain to bypass Western dominance of global financial transactions.

Kremlin spokesman Dmitry Peskov denied to The Washington Post that Russia “seeks to undermine US dominance of the global financial system,” but conceded its goal is to create alternatives.

According to Peskov, the actions of the “collective West” are undermining trust without any assistance from Moscow. The Kremlin “is monitoring the situation closely and building a new system of economic neurons because the previous system turned out to be unreliable, false, and dangerous,” he said.

In Moscow’s view, US support for Israel’s invasion of Gaza undermined Washington’s authority in many countries. The confluence of events has led to a surge of optimism about Russia’s global positions, writes WP.

Moscow officials point to growing trade with China, military cooperation with Iran, diplomatic outreach in the Arab world, and BRICS expansion.

Russian billionaires like Oleg Deripaska, who initially publicly opposed the war in Ukraine, now describe Russia’s break with the West as a catalyst for reshaping global economic patterns.

“Alternative payment systems and debt markets will be created: in China based on the yuan, and in India and the Middle East on the basis of cryptocurrencies,” Deripaska wrote on Telegram on 20 January. “In a few years, sanctions will no longer brake global trade and investment,” Washington Post reported.

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