“The Russia-led Eurasian Economic Union and China just agreed to design the mechanism for an independent financial and monetary system that would bypass dollar transactions.
It was a long time coming, but finally some key lineaments of the multipolar world’s new foundations are being revealed.
On Friday, after a videoconference meeting, the Eurasian Economic Union (EAEU) and China agreed to design the mechanism for an independent international monetary and financial system. The EAEU consists of Russia, Kazakhstan, Kyrgyzstan, Belarus and Armenia, is establishing free trade deals with other Eurasian nations, and is progressively interconnecting with the Chinese Belt and Road Initiative (BRI).
For all practical purposes, the idea comes from Sergei Glazyev, Russia’s foremost independent economist, a former adviser to President Vladimir Putin and the Minister for Integration and Macroeconomics of the Eurasia Economic Commission, the regulatory body of the EAEU.
Glazyev’s central role in devising the new Russian and Eurasian economic/financial strategy has been examined here. He saw the western financial squeeze on Moscow coming light-years before others.
Quite diplomatically, Glazyev attributed the fruition of the idea to ‘the common challenges and risks associated with the global economic slowdown and restrictive measures against the EAEU states and China.’
Translation: as China is as much a Eurasian power as Russia, they need to coordinate their strategies to bypass the US unipolar system.
The Eurasian system will be based on ‘a new international currency,’ most probably with the yuan as reference, calculated as an index of the national currencies of the participating countries, as well as commodity prices. The first draft will be already discussed by the end of the month…”
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