China is a major proponent of the so-called de-dollarization. Russia, who has now embarked on this path in the face of the latest sanctions, is openly admired by China’s media. Some analysts believe that Western sanctions will eventually weaken the hegemony of the US dollar. Thus, Gao Desheng, author at China’s Global Times, questions the dominance of the US currency in light of recent events. Russia’s countermeasures introduced in response to Western sanctions dealt a heavy blow to the dollar's role in the international financial system, Gao Desheng writes in his article for Global Times. The expert thinks that Russia’s decision to expand the use of the ruble for settlements in foreign trade poses a risk to the US. According to the economist, the world is rapidly entering the “post-dollar era.” Russia's plan to pay off foreign debts in rubles and accept them as the only means of payment for energy exports to "unfriendly countries and regions" has shaken the dollar's monopoly in the global trade and financial system, the analyst reckons. Desheng added that the effectiveness of measures taken by Russia proved the failure of the sanctions policy of the US and Western states.
