Moscow Seeks to Undermine Dollar's Role in the World, European Intelligence Reports WP

In 2022 and 2023, Russian officials held meetings to discuss ways to undermine the dollar's status as the world's reserve currency. This is reported by the Washington Post (WP), citing internal documents from the Russian Security Council provided by a European intelligence group.

One of the documents, according to WP, shows that Moscow's ultimate goal is allegedly to 'dismantle' the global financial system established after World War II and consequently destroy 'the power it grants to Washington.'

WP writes that 'one of the most important issues is creating a new world order. Western countries, led by the United States, have tried to impose their own structure based on their domination,' referencing a section from a Security Council document dated April 2023.

Another document quoted by WP discusses cooperation between Russia and China in the fields of artificial intelligence, cyber systems, and the Internet of Things. The initiative involves the creation of a new financial system and a Eurasian digital currency by Moscow and Beijing, based on alternative payment systems including blockchain. As noted by the publication, this is necessary 'to bypass Western dominance in global financial transactions.'

According to WP, the document was written by Security Council Secretary Nikolai Patrushev and circulated in the Kremlin during the summer of 2023.

Anonymously speaking European officials state that Moscow is increasingly seeking to use its position in the world 'to undermine the West, including in the Middle East.' At the same time, interlocutors believe that Russia is 'not all-powerful.'

'Russia is trying to seize every opportunity. They are very consistent and systematic,' a senior European official told WP.

According to one senior interlocutor, much of the West hopes for a 'return to the old order,' while Russia has realized that this is impossible, and 'the time has come to create a new future.'

Dmitry Peskov, the press secretary of the Russian President, denied in an interview with WP the claims that Moscow is trying to counter the US dominance in the global financial system. However, the Kremlin representative acknowledged that the Russian side is working on creating financial alternatives. He also added that the actions of the 'collective West' undermine confidence without Moscow's assistance.