At one point, the United States dropped a "financial nuclear bomb" on Russia in an attempt to deal a devastating blow to Russia by blocking Russia's international payment channels. However, these sanctions have not worked, and on the contrary, Russia and others have begun to build their own payment systems, thereby reducing their dependence on the United States and the Universal Telecommunication Association. At a time when America's economic hegemony is under unprecedented threat, Russia is playing an important role in the process of "de-dollarization".
The "financial nuclear bomb" of the United States is the most severe in a series of economic sanctions imposed on Russia by the United States and Europe after the Russia-Ukraine war in 2014. The United States used the freezing of the state assets of the Russian ** bank as a threat to remove Russia from the Society for Worldwide Financial Telecommunication (SWIFT), so that Russia could not engage in transnational **. The sanctions, which were once seen as the most powerful U.S. response to Russia, could bring Russia's economy to a standstill.
However, the "financial nuclear bomb" dropped by the United States did not go as it wished, but provoked the Russian people to rebel and reform. Instead of making concessions to the United States, Russia has accelerated the construction of its own payment system. The Bank of Russia** has launched the "SPFS" system to replace SWIFT for the transfer and clearing of financial information inside and outside Russia. Russia has also increased bilateral transactions with the renminbi and reduced demand for the dollar. Russia's adoption of the above-mentioned measures has, to a certain extent, mitigated the impact of US economic sanctions on the Russian economy and ensured economic security and stability.
This "financial nuclear bomb" of the United States has destroyed not only Russia, but also itself. After the United States imposed sanctions on Russia, countries around the world have strong doubts and antipathy to the economic hegemony of the United States, and have begun to seek to break away from the dollar, swift and other monetary systems, or to form their own monetary systems, or to integrate with other countries. For example, the "CIPS" international settlement system launched by China has become a new type of international settlement system that many countries and regions are vying to join. China has also signed currency exchange agreements with more than 140 countries and regions, further broadening its application fields and promoting the internationalization of the renminbi. In addition, it is possible to communicate and transfer funds between banks between the two countries without SWIFT between Russia and Iran. Even ASEAN countries are thinking about an alternative international payment system to cope with the waning power of the dollar.
The "financial nuclear bomb" of the United States finally turned into a "beckoning cat", although this bomb was already well known to people at that time, its effect was obvious. The economic sanctions imposed by the United States on Russia have, to a certain extent, exacerbated the trend of "de-dollarization" in the world, undermined the economic hegemony of the United States, and seriously threatened the national interests of the United States. Russia has also taken advantage of this opportunity to achieve great success both economically and in the world, and is at the forefront of the world's "de-dollarization". At the same time, we are reminded of Obama's famous quote: "Don't underestimate Biden's efficiency." ”