Sanctions on Russia have forced countries to shift to other currencies, the billionaire says
The United States has “overplayed” its hand in “weaponizing” the dollar with sanctions, pushing more countries around the world to slash transactions using the currency, Elon Mask has warned.
“You’re now seeing a lot of countries de-dollar their transactions because we’ve forced it. And this goes beyond even Russia, China, and Iran,” the owner of X (formerly Twitter) said during a Twitter Spaces session hosted by American entrepreneur David Sachs on Monday.
Musk highlighted a shift to trade in national currencies, especially among the BRICS nations, adding that it was not a choice made by these countries, but rather a necessity forced upon them by Ukraine-related Western sanctions against Moscow.
“Countries like Brazil or India still want to transact with Russia. They can’t do it with dollars, so we’ve forced them to de-dollarize their transactions, thus weakening the strength of the dollar in the world,” he explained.
The weaponization of the greenback has pushed many nations to look for alternatives, after sanctions effectively cut Russia off from the Western financial system.
A large number of prominent economists have repeatedly warned that the dominance of dollar-based financial institutions and aggressive US economic policy would prompt more nations around the world to abandon dollar transactions and move to local currencies in trade.
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