While China, keen to ward off US sanctions as long as possible, is lagging, its RIC partners Iran and Russia are doing the legwork to break the west’s global financial grip.
The first Eurasia Economic Forum, held last week in Bishkek, Kyrgyzstan, should be regarded as a milestone in setting the parameters for the geoeconomic integration of the Eurasian heartland. Sergei Glazyev, Russia’s Minister in Charge of Integration and Macroeconomics of the Eurasia Economic Union (EAEU), is coordinating the drive to design an alternative monetary-financial system – a de facto post-Bretton Woods III – in cooperation with China.
According to Glazyev, the forum “discussed the model of a new global settlement currency pegged to baskets of national currencies and commodities. The introduction of this currency instrument in Eurasia will entail the collapse of the dollar system and the final undermining of the US military and political power. It is necessary to start negotiations on signing an appropriate international treaty within the framework of the SCO.”
Glazyev described the initiative to upend the western global financial system in more detail during an exclusive interview with The Cradle in April. It’s particularly relevant to understand how Glazyev interconnects the EAEU’s drive with the increasing geopolitical and geoeconomic role of the Shanghai Cooperation Organization (SCO), which unites at the same table key Eurasian powers: China, Russia, India, Pakistan, Kazakhstan and Iran.
Pepe Escobar Archive
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