It looks like the attack on the US dollar continues. Check out what Russia’s top diplomat says about this below.

US dollar dumping begins

In a recent statement, Russian Foreign Minister Sergey Lavrov confirmed that the process of de-dollarization has begun as a result of the US government’s actions and statements. A report from Tass further highlights that the BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, is presently working on a plan for moving forward without relying on the US dollar.

Lavrov is a Russian official since before the collapse of the Soviet Union.

He recently stated the fact that the next BRICS gathering in August will focus on how the alliance’s New Development Bank can defend itself from potential US hostility.

“De-dollarization has begun, both in practice and in conceptual speeches… Within BRICS, Brazil suggested that the upcoming summit in August should give careful consideration to the tasks of protecting financial transactions within this assembly, of protecting the New Development Bank from abuse of the dollar’s persistent role. And we are putting forward many other initiatives concerning this issue.”

He continued and said the following:

“They are releasing lists enumerating the goods that should be banned for export to Russia. I’m not exaggerating now. There was a trio recently – an American, a Briton and a representative of the European Union – who had been touring Central Asian countries.”

Massive bank drops huge cash-related warning

A UK-based bank managing $28 billion in assets is currently asking customers to provide a valid reason for withdrawing cash. Should the given reason prove unsatisfactory, the bank may request additional documentation to verify the legitimacy of the withdrawal.

This measure is taken to safeguard customers from potential scams.

“Cash withdrawals are the least secure way of making payments given the number of other alternative options available through our Online Banking and Mobile App services…” the bank said.