Some countries may reconsider the currency in which they trade.
Sanctions imposed by Western countries against Russia over the war in Ukraine could result in a more fragmented international monetary system with a weakening role for the dollar in some segments. This was stated by Gita Gopinat, First Deputy Managing Director of the International Monetary Fund (IMF).
At the same time, sanctions can be an incentive for the emergence of small currency blocs, the relationship of which will be based on trade between individual groups of countries.
“The dollar will remain the main global currency even in this situation, but at a lower level, fragmentation is certainly possible,” Gopinat said.
According to her, the process of “some countries revising the currency in which they are paid for trade” has already begun.
Read also: Putin promised Europe that it could pay for gas in euros or dollars – Deutsche Welle
Earlier it was reported that Nigeria is ready to replace Russia in oil supplies , but does not mind trading with Russia in rubles.
Forbes explained why the ruble in Russia is not collapsing and what will be the exchange rate by the end of the year.
