The Dollar Will Lose Its International Status, Le Figaro

The French publication Le Figaro has predicted the end of the dollar's hegemony due to the situation created in Ukraine. Specifically, columnist Jean-Pierre Robin wrote in Le Figaro that the special military operation of the Russian armed forces in Ukraine and the subsequent response from the West have undermined the dollar's position as the international reserve currency.

He pointed out that the abandonment of the dollar as the international reserve currency is inevitable, as its popularity is “incompatible with the actual weight of the US economy.” “The destruction of American currency hegemony would have happened sooner or later, but due to the situation created in Ukraine, it will happen much more quickly,” the author writes.

As an argument, he cited the words of Vyacheslav Volodin, the chairman of the Russian State Duma, who stated that by freezing half of Russia's gold and foreign currency reserves, the United States tried to weaponize its currency but, in fact, discredited international trust. “This is by no means an empty statement,” asserted the columnist of Le Figaro.