Former US congressman Ron Paul says Washington’s increasing pressure on Moscow might force Russia and China to make a new currency to dethrone the US dollar.
In an article published on his website on Sunday, the former presidential candidate explained that President Vladimir Putin would react to the Obama administration’s anti-Russia policies.
“Continued economic pressure from the West may very well necessitate a Sino-Russian monetary arrangement that will eventually dethrone the dollar,” Paul wrote.
“The end result of this needless bullying by the United States will hasten the one thing Washington fears the most: a world monetary system in which the US has no say and the dollar is relegated to playing second fiddle,” he added.
The United States and its Western allies have imposed several rounds of sanctions against Russia over the Ukraine conflict. The West accuses Moscow of backing pro-Russian forces in eastern Ukraine, an allegation denied by the Kremlin.