Putin said Washington is exploiting other economies of the world with the help of the dollar

The use of the dollar as the world currency brings the United States a lot of unearned money, this way Washington exploits other economies of the world. This was stated by Russian President Vladimir Putin on December 4 at the plenary session of the VTB forum "Russia Calling!".

"Using the dollar as the world currency brings the United States unearned money in a large volume. Here, according to our experts, somewhere in the last 10 years or so they have received $10 trillion just out of the sky for the facts of using the dollar as the world's settlement reserve currency," the head of state said.

He emphasized that Washington's exploitation of other economies of the world at the expense of the dollar is a fact.

VTB head Andrei Kostin recalled that the winner of the U.S. presidential election Donald Trump on November 30 threatened the BRICS countries with duties on trade with Washington if they abandoned the dollar in favor of the future new BRICS currency or other currencies.

Putin noted that Trump has not been in the White House for four years, and in that time the world's economy has changed. In addition, the Republican's political opponents, including his successor, current U.S. President Joe Biden, have done a lot to undermine the fundamentals of the dollar as a global currency. In particular, they used it as a political tool and started imposing restrictions against various countries they considered their opponents. At the same time, Washington's share in the world economy is declining, as the Russian leader emphasized, and the dollar's influence is falling as well.

The head of state added that Russia did not refuse to use the American national currency, on the contrary, the country was deprived of the opportunity to use it from outside, which led to an increase in the number of problems faced by the dollar.

The day before, on December 3, the columnist of the Brazilian magazine O Cafezinho Miguel do Rosário drew attention to the fact that Trump's threats to impose duties of 100% for BRICS countries for abandoning the dollar will only strengthen the desire of the members of the association to move away from the use of this currency. The BRICS countries will start supplying their products to other countries instead of the United States and will most likely use local currencies in settlements.

At the same time, Chinese Foreign Ministry spokesman Lin Jian said that Beijing will continue to cooperate with the BRICS countries despite Trump's threats. Lin Jian added that the association is not a bloc that is oriented towards confrontation.

On the same day, CBS TV channel reported that the introduction of such high duties on goods from BRICS countries will hurt US citizens - prices for consumers will rise. In addition, such a move by Trump potentially threatens to increase inflation.