How Washington’s Sanctions against Russia Have Impacted the Unipolar Economy

Zhang Weiwei, a professor of international relations at Fudan University in Shanghai, said that by containing Moscow by imposing sanctions on it and weaponizing the dollar, Washington dealt a huge blow to the unipolar economic system.

“The armament of the US dollar and the sanctions imposed by Washington on Russia have only now led non-Western countries to prevent the use of the dollar in international trade,” the economist added at a global online conference on multipolarity today, Saturday.

According to him, the steps taken by Washington backfired and dealt “a huge blow to the current unipolar economic system.”

He noted that over the past year, 70% of trade between Russia and China was carried out in national currencies. He added that major players such as India, Brazil, Iran, Turkey and Indonesia have begun to draw a line on the trading of national currencies.

“We are seeing the emergence of more and more new countries. It can be expected that unilaterally defined Western common values ​​will gradually be replaced by certain common values ​​of the entire international community, such as peace, humanity, development, financial solidarity and the global human community,” he said.

Li Siguang, director of the International Center for Communication Research at Tsinghua University, supported this assessment. He noted that the West will not be able to maintain its political and ideological hegemony by carrying out “widespread Westernization of values ​​throughout the world.” He concluded that “modern Western ideas and attitudes, and neoliberalism, are no longer developing.”

Source: TASS

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