US sanctions ending dollar dominance: Russian expert

Moscow, Dec 29, IRNA - An analyst working for the Institute of Economics at the Russian Academy of Sciences said the US sanctions against other countries such as Russia, Iran and China would end the US dollar's dominance in the world.

Alexander Karavayev, author of dozens of articles and scientific papers on economic grounds, said in an interview with the Islamic Republic News Agency (IRNA) on Saturday, 'Most countries of the world have been discouraged by the US dollar because of their lack of confidence in the economic policies of the Trump government.'

Karavayev reminded that the major countries of the world, such as Russia and China, have implemented a policy of abandoning the dollar from financial and economic transactions.

Analyst of the Institute of Economics at the Russian Academy of Sciences stated that the US has imposed unilateral sanctions on some countries, including Russia and Iran, outside the framework of the UN Security Council.

He added that these measures were completely illegal and that Washington is considered to be the biggest violator of international law, because its policies have been of concern to all because of the consequences that it has for other countries.

Karavayev noted, “The trade war is not just against China and indeed includes the European Union, Russia and Iran.”

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