Russia says US sanctions will erode dollar role

ANKARA, Turkey (AP) — The Russian foreign minister claims that the U.S. increased use of sanctions will erode the dollar’s role as the top reserve currency.

Sergey Lavrov, speaking after talks Tuesday with his Turkish counterpart, Mevlut Cavusoglu, said the wide use of sanctions reflect Washington’s desire to win domination and secure unilateral advantages for its businesses.

He noted that the U.S. has punished its own allies, an apparent reference to Turkey that recently faced U.S. sanctions over the continued detention of an American pastor on espionage and terror-related charges. The dispute with the U.S. has exacerbated Turkey’s economic troubles.

Lavrov says that Washington’s policies will undermine the dollar’s position as the international reserve currency of choice. He said that Russia and Turkey have set a goal to switch to national currencies in mutual trade.

Independent economists say it would be difficult to unseat the dollar as the top reserve currency as it is used widely in the global economy, for example to trade in oil and for commercial deals.