MOSCOW, March 14. /TASS/. Russia is promoting the de-dollarization mechanism in world trade – at least a quarter of global trade operations can be conducted without using the dollar, Venezuelan Foreign Minister Yvan Gil Pinto said in an article dedicated to the 80th anniversary of the establishment of diplomatic relations with Russia.
“According to experts, at least 25% of global trade operations can be conducted without being tied to the dollar (without using the dollar), which will be a significant step towards greater financial independence of countries subject to sanctions,” he noted. “Russia, as part of BRICS, is promoting this mechanism in order to reduce dependence on the Western financial system,” the minister added.
The Venezuelan Foreign Minister drew attention to the fact that, unlike traditional blocs, BRICS+ does not operate within a rigid structure, but functions as a historical bloc uniting key players of the global South in their struggle for economic and political sovereignty. According to him, Russia gave a great boost to this process during its BRICS presidency last year.
In turn, Russian Foreign Minister Sergey Lavrov said in his article that Moscow and Caracas intend to work more actively in the OPEC+ format to stabilize the energy market. “We attach great importance to deepening cooperation to stabilize the global energy market, including within the OPEC+ format and the Gas Exporting Countries Forum,” Lavrov said.
Lavrov also noted that the countries have established a practice of mutual support in the World Organization: partners, even being deprived of the right to vote due to Western sanctions, speak out in favor of key Russian initiatives. “Venezuela is traditionally among the co-authors of our draft resolutions: on combating the glorification of Nazism, not being first to place weapons in space, measures to ensure transparency and confidence-building in space activities, to prevent an arms race in outer space, to ensure international information security,” the minister continued.
The minister pointed out that the Russian side appreciates Venezuela’s interest in deepening cooperation with BRICS – “an association that serves as a conduit for the interests of the countries of the global South and East, one of the supporting pillars of the multipolar world order.”
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