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Russian Foreign Minister Sergey Lavrov
Russian Foreign Minister Sergey Lavrov

Russia, China must move away from western-controlled payment systems, says Lavrov

ANI | Updated: Mar 22, 2021 05:29 IST

Moscow [Russia], March 22 (ANI): Amid the growing bans by the United States on Beijing and Moscow, Russian Foreign Minister Sergey Lavrov has said the US sanctions risks need to be alleviated by switching to alternative currencies and moving away from using the dollar.
"We need to reduce sanctions risks by strengthening our technological independence, by switching to payments in national currencies and in world currencies, alternative to the dollar. We need to move away from the use of Western-controlled international payment systems," Lavrov said in an interview with Chinese media, as quoted by Sputnik.
Earlier this month, US President Joe Biden's administration slapped sanctions on seven Russian officials in response to the poisoning and imprisonment of Kremlin critic Alexey Navalny. This was among a series of steps the new administration had announced on Tuesday in its first significant move against Moscow, CNN reported.

Accusing the US of constraining the technological development of Russia and China, Lavrov said Beijing and Moscow need to strengthen their independence.
"They are promoting their ideologised agenda aimed at maintaining their dominance by holding back the development of other countries. This policy runs counter to the objective trend and, as it was customary to say, is 'on the wrong side of history.' The historical process will still take its toll," Lavrov was quoted as saying by Sputnik.
In the recent past, the US has been at loggerheads with both Russia and China on several issues including trade and human rights. (ANI)