West discredited reserve system by using dollar as weapon: Russia

MOSCOW

The West discredited the international financial reserve system by using the dollar as a weapon, Russia’s prime minister said on Friday.

Speaking at a meeting of the heads of governments of the Commonwealth of Independent States (CIS), Mikhail Mishustin urged abandoning payments in dollars and a shift to payments in national currencies.

"As our President Vladimir Vladimirovich Putin said, abandoning payments in dollars will exclude abuse in the sphere of the new global financial infrastructure, will allow to effectively, profitably and safely manage international transactions without dollar and other so-called 'reserve currencies'," he said.

Mishustin argued that the global economy is going through difficult times due to the West's "protectionist measures and unilateral illegitimate sanctions."

He said Putin also suggested launching mechanisms for creating large spaces that are built on the interaction of neighboring countries, completing economy, social system, resource base, and infrastructure of each other.

"In fact, such large spaces are the basis of a multipolar world order, the economic basis.

"The events of recent months have shown that emphasis should be placed on our capabilities and, of course, on continuing and expanding business contacts with each other, strengthening technological independence and financial sovereignty," he said.

In this regard, Mishustin said, Moscow considers it necessary to sign as soon as possible agreements on free trade in services, establishment, activities, and implementation of investments of the CIS states as an important step to strengthen integration.

"The signing of the document will give an impetus to economic cooperation. Of course, it is important to quickly complete its approval while maintaining the maximum number of participants.

"We are convinced that the CIS economic space has a serious potential for development, and our common priority is to fully disclose it, taking into account the new challenges and processes that are taking place in the global economy," he said.