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Sergey Glazyev Says a New Monetary and Financial System Is Coming

“The world is rapidly moving toward a new world economic structure,” Sergey Glazyev told Izvestia on Nov. 27. “Sanctions have sharply accelerated the structural change in the world economy. The center of the world economy has already shifted to Southeast Asia,” the Minister for Integration and Macroeconomics of the Eurasian Economic Commission explained. The EEC is the executive body of the Eurasian Economic Union (EAEU), comprised of Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.

The use of sanctions by the West, especially the U.S., has done irreversible damage to the U.S. dollar’s status as a global currency. “The dollar is no longer considered either by us or in Southeast Asia as a world currency; everyone is trying to move away from it. We in the Eurasian Economic Union already conduct almost 90% of payments in national currencies. Almost half of trade with China has switched to national currencies.”

“We are on the verge of forming a new monetary and financial system with a new world currency, which will be based on an international treaty,” he claimed. This transition will be led by the BRICS. “We expect that next year, when Russia becomes the chairman of BRICS, not only will these fundamental initiatives be proposed, but we will also begin to implement them.”