March 31, 2022
1 min read

‘Sanctions imposed on Russia returning to West like a boomerang’

According to Medvedev, the US and EU have “tarnished their reputation” by blocking the reserves of the Russian central bank….reports Asian Lite News

A new financial order will be negotiated in the world, and the West won’t have the main say in it anymore, ex-Russian President Dmitry Medvedev has claimed.

The “hellish” sanctions imposed on Russia by the US, EU, and their allies over the conflict in Ukraine have failed to cripple the country, but are instead “returning to the West like a boomerang,” Medvedev, the former Russian president who is now the deputy chairman of the Russian Security Council, said, RT reported.

According to Medvedev, the US and EU have “tarnished their reputation” by blocking the reserves of the Russian central bank. “It is impossible to trust those who freeze the accounts of other states; steal other people’s business, assets and personal possessions, compromising the principles of sanctity of private property.”

Pic credits ec.europa.eu

After the outbreak of the conflict in Ukraine in late February, the US and EU froze nearly half of Russia’s foreign currency reserves, worth $300 billion.

Confidence in reserve currencies is “fading like the morning mist,” and the prospect of abandoning the dollar and euro in this role does not seem like such an unrealistic prospect anymore, he said. “The era of regional currencies is coming.”

“No matter if they want it or not, they’ll have to negotiate a new financial order,” Medvedev said. “And the decisive voice will then be with those countries that have a strong and advanced economy, healthy public finances and a reliable monetary system. And not with those who endlessly inflate their public debt, issuing more and more pieces of paper into circulation which aren’t backed by national wealth.”

ALSO READ: Russia focus of Truss’ India visit

Previous Story

Stalin meets Modi, demands PLI scheme for footwear industry

Next Story

Brazil: Arab Immigration Day celebrated at Expo Dubai 2020

Latest from -Top News

US Backs India’s Hunt for Pahalgam Terrorists

Gabbard’s “hunt down” message comes amidst escalating Indian response to the terrorist attack, saying it had clear “cross-border” links to Pakistan….reports Asian Lite News Tulsi Gabbard, Director of National Intelligence (DNI), on

Border Sealed, Hopes on Hold

A Hindu family from Balochistan’s Sibi was reportedly denied entry into India after the closure of border crossing….reports Asian Lite News Pakistan and India’s decision to shut down the Wagah-Attari border crossing

West visits Cambodia to strengthen ties 

The visit also addresses shared security concerns, including combating serious organised crime and human trafficking, and future defence cooperation initiatives  The UK and Cambodia are collaborating to advance climate initiatives and promote
Go toTop

Don't Miss

Russia blocks FB, Twitter

Russians are still able to access Twitter through VPN services,

Russia may be behind cyberattack in Ukraine

Kyiv said late Friday it had uncovered the first indications