"The payment settlement method should not be confined to a small number of people and emerging economies should diversify their forex reserves out of US dollars," says an Indian economist who has been watching the developing situation around the globe with a keen eye.
In reaction to Moscow's special military operation in Ukraine at the request of the republics of the Donbass region, the United States and its allies have announced "economic war" on Russia, seeking to break off the $1.7 trillion economy from the global financial system.
In addition to sanctioning political leaders, businesses, and banks, the West has frozen $630 billion in Russian forex reserves kept in various parts of the world. Russia is one of the world's largest suppliers of oil, gas, and metals.
Previously, the US imposed identical limits on Afghanistan's, Iran's, Cuba's, Iran's, and Venezuela's forex reserves, clearly suggesting that the US has a stronghold over allowing access to dollar reserves, co...