The use of international trade and the dollar as a weapon by the West makes the fragmentation of the world economy inevitable, Aleksei Mozhin, Executive Director for Russia at the International Monetary Fund (IMF), told Sputnik.
"The blatant use by the West as a weapon of international trade, finance, as well as the dollar and the euro itself, makes the fragmentation of the world economy not only inevitable, but also irreversible," Mozhin said.
He pointed out that Western representatives at the IMF are trying to avoid this problem, and the leadership of the international organization cannot ignore the pressure that Western participants are exerting on it. As an example of the fragmentation of the world economy Mozhin mentioned the consequences of Western sanctions introduced against Russia.
"We have learned this lesson, we will never allow ourselves to be so dependent on imports again, at least in the strategic sectors of the economy," Mozhin told Sputnik, adding that the whole world is now aware that globalization is forcing all countries to follow the path of specialization to the detriment of economic diversification and that the process of deglobalization will continue.
Aleksei Mozhin also said that the United States has created a situation where countries throughout the world are searching for alternatives to the US dollar.
"The Americans themselves have created a situation where the search for alternatives to the dollar has inevitably started. And now we see how it's happening," Mozhin said.
The Russian representative pointed out that other national currencies are increasingly used worldwide, primarily the Chinese yuan.
"We see that Iranians, Brazilians, and Saudis are already switching to trade in yuan not only with China, but also with third party countries," Mozhin told Sputnik.
Source: The Global Times.
