In a video released by Sputnik, Russian President Vladimir Putin expressed his disapproval of the United States’ departure from the gold standard. He highlighted that the U.S. dollar is now a currency based on trust rather than tangible assets, as it lacks gold backing. This criticism comes as BRICS nations work towards reducing their dependence on the dollar, aiming to create a new payment platform to boost trade and financial autonomy, as discussed at the 2023 Johannesburg summit.
Although alternatives like gold and cryptocurrencies are being considered, the dominant position of the dollar in the global financial system poses a challenge to efforts to de-dollarize. However, the emergence of a multipolar world order suggests a changing landscape in global economic power dynamics.
