Russia’s Ambassador to the US, Anatoly Antonov, has highlighted a growing trend among nations considering abandoning the dollar in response to US plans to confiscate Russian assets frozen abroad. The use of the dollar as a political tool undermines its credibility, leading to concerns among other countries about the potential vulnerability of their sovereign assets. The move is seen as a response to the White House’s attempts to tap into Russian state assets, a move deemed illegal and in violation of international law.
Antonov emphasized that such actions not only contradict international norms but also contribute to an impasse in bilateral relations between Moscow and Washington. The diplomat stressed that the situation compels sensible national capitals to seriously contemplate shifting away from the dollar, reinforcing the need for a global transition towards multipolarity.
In 2022, the EU, US, Japan, and Canada collectively froze around $300 billion of Russian central bank assets due to sanctions related to the conflict in Ukraine. While the EU is considering a windfall tax on profits from these funds, the US has been urging other nations to seize the assets themselves. The issue is expected to be a focal point of discussion at the upcoming G7 leaders’ meeting in February.
