The United States’ addiction to sanctions is driving China and Russia to create a new, shared international financial framework, one based upon energy and advanced technology. Such is the summary provided by Glenn Diesen, in an op-ed on RT on Dec. 19, entitled, “China & Russia Are Ready To End U.S. Dominance of Global Finance.” Diesen stipulated that China and Russia began such efforts in the wake of the 2008 crisis, but economic sanctions are intensifying this process. (https://www.rt.com/russia/543537-us-world-bank-role-lose/)
The U.S. has “lost control over its negative trade imbalance, debt is spiraling out of control, and rampant inflation is destroying the currency.” And while China is the world’s largest energy importer, Russia is the largest energy exporter. Back in 2015, the amount of Russia-China trade settled in dollars was at 90%; but by last year, it had shrunk to 46%. The U.S.’s weaponizing of the SWIFT exchange system, e.g., expelling both Iran and North Korea, has made China’s CIPS and Russia’s SPFS more interesting alternatives.
