Vladimir Putin, President of Russia, is back in the headlines. In a recent statement given by the Russian chief, Putin has been urging the Middle East to stop using the US dollar.
The statement has come in light of the Middle East using American dollars to conduct their oil proceedings. Putin’s stark remarks have urged the Middle East to dampen the US hegemony by renouncing the usage of dollars by the Middle East oil producers.
Also Read: BRICS: Putin Re-elected as President of Russia
Putin Encourages the Middle East to Stop Using the US Dollar
Per Press TV, a local Iranian international outlet, Putin has been noted making comments on the depreciating US dollar’s prestige. In a new statement, Putin has urged the Middle East oil producers to not actively engage with US dollars. This will ultimately lead to the weakening of the USD, compelling the US financial system to undergo a massive meltdown.
Putin’s comments have come at a time when the USD is projecting a weakened stance. The USD has new competitors to face, such as the Kenyan Shilling, that have been gaining strength as of late. Putin later stressed “ending the US dollar supremacy” by paralyzing the currency from all possible corners.
Putin’s comments have sparked an array of opinions on X. Several enthusiasts on X mirrored Putin’s stance by reiterating his dollar crash theory.
Others have remarked that the crash of the USD will ultimately end the dollar’s supremacy around the world.
Also Read: BRICS: Russia’s Digital Ruble Key to Ending The US Dollar
However, one analyst on X noted how the dollar’s demise can be quite hard to ace at the moment.
“It’s not that simple. The dollar’s strength is influenced by various factors, not just oil producers.”
With calls for de-dollarization and the rise of multipolar currencies knocking at the door, it seems that the USD may have new issues to deal with in the near future.
Several notable personalities have urged investors to disengage with US dollars. The author of Rich Dad, Poor Dad, Robert Kiyosaki, has recommended gold and bitcoin instead of USD as better investment alternatives.