Russia’s GDP Explodes Post Sanctions: US Dollar’s Demise Continues

Juhi Mirza

Russia, one of the leading nations in the world, has now added one more feather to its cap. The nation’s GDP has reportedly exploded post-sanctions. Russia is now one of the most prosperous nations in the world, with its per capita income ranging from $14,250 annually. The nation is also spearheading efforts to derail the US Dollar by echoing the multipolar currency narrative.

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Post-Sanctions Prosperity in Russia

Source: The NewYork Times

A new report by the World Bank has been released, adding more medals to Russian glory and economic prosperity. According to the latest World Bank estimations, Russia is now one of the most high-income nations, with its GDP being stable at $14,250 annually.

It is particularly interesting to note, considering that the US has sanctioned Russia by cutting its access to the SWIFT payment system. Despite encountering a major financial blow, the Russian economy is projecting an upward ascent, displaying its mettle against global nations.

“The World Bank upgrades Russia to a high-income nation, estimating its gross income per capita at $14,250 annually. This comes just two years after the West imposed sanctions. Additionally, Russia now has the largest GDP in terms of purchasing power parity in Europe.”

Russia is exclusively heading the de-dollarization agenda. Being an active part of the BRICS alliance, the nation, alongside China, India, Brazil, and South Africa, is currently planning to launch an independent currency system rivaling the USD’s prestige. At the same time, Russia is also conducting active trade proceedings with China in local currency, ditching USD usage in every possible way.

Russia and Iran Join Hands to Ditch the US Dollar

In a new development, Russia has now joined forces with Iran by signing a new bilateral monetary agreement. The new contract entails Iran joining the Russian MIR system. Under the new agreement, Iranians will be able to withdraw money from Russian ATMs using Iranian credit cards.

“The second part of the plan was to connect Russia’s MIR network to Iran’s SHETAB. This is a project on which the technical teams of the two countries have been working together for a long time, both in the Central Bank of Iran and in the Central Bank of Russia. Fortunately, this work has also been finalized,” Governor of Iran Central Bank (CBI) Mohammadreza Farzin later shared.

Farzin later emphasized how the system would gradually work for Iranians and Russians together.

“This plan has three stages. The next stage is that Russian cards will be usable in Iran, and the third stage is that our SHETAB cards will also, be usable in their stores,” Farzin stated.”

Russia and Iran have both been sanctioned by the US, due to which the de-dollarization agenda is gaining further momentum between the two nations. The talks are now heading towards establishing a USD death spiral, where both nations would ditch US dollar usage completely to establish their currency dominions.

Also Read: Bitcoin Could Replace The US Dollar In 15 Years, Jack Dorsey Predicts

“JUST IN: Iran and Russia finalize integration of national payment systems, officially ditching the US Dollar for trade.”