Russian President Vladimir Putin has accused the United States of destroying its own economic power, claiming America is “eroding the foundation of its own economic dominance.”
Speaking at a recent conference, his remarks targeted U.S. policies that, according to him, are not just shortsighted but actively weakening the dollar’s grip as the world’s reserve currency.
The recent election of Donald Trump has added more heat to the already boiling tensions between Russia and the U.S. Trump has made it clear he won’t hesitate to impose 100% tariffs on BRICS nations if they even attempt to create a currency that could challenge the dollar.
Kremlin spokesperson Dmitry Peskov also warned that such aggressive moves would only push these nations further away from the dollar and closer to adopting their own national currencies.
Putin’s longstanding criticism of U.S. economic tactics
Putin has accused America of acting like an empire, making the kind of mistakes that lead to its own decline. Over the years, his arguments have revolved around the idea that sanctions and economic policies meant to punish other countries are, in fact, backfiring on the U.S. economy.
“The dollar is beginning to lose its appeal as a reserve currency for a number of countries,” he said, hammering home his belief that the U.S. is driving nations to seek alternatives.
High inflation in Russia—currently at 9%—also came up during the discussion. Putin urged collaboration between the Russian government and its central bank to stabilize the economy. He assured listeners that it was a priority for him.
A 100% tariff from America would effectively double the price of goods imported from countries like China and Brazil. American consumers would feel the hit immediately, with skyrocketing prices on everyday items like electronics and coffee.
Economists are warning that this could push inflation even higher in the U.S., making it a lose-lose situation for everyone involved. Peskov said, “Aggressive U.S. tactics will push countries further away from the dollar.”
The dollar’s waning influence
For years, the dollar has been the undisputed king of global trade. But that reign is starting to look shaky. More countries are now questioning why they should depend on a currency controlled by a single nation, especially one that uses its financial system as a weapon.
The idea of creating a SWIFT-like payment system for BRICS nations has been getting popular recently. Such a system would allow these countries to trade directly with each other using their own currencies, bypassing the dollar entirely.
This isn’t even about economics, it’s about sovereignty. By reducing their reliance on the dollar, these nations are also reducing their vulnerability to U.S. sanctions and economic pressures.
Meanwhile, Putin didn’t just talk about the dollar. He also weighed in on the growing role of digital currencies like Bitcoin. “Nobody can ban Bitcoin,” he said. The Russian president now believes crypto could play a key role in reducing transaction costs and improving the reliability of international trade.
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