Caracas, Venezuela – In what is the latest move to undermine the imperial world order maintained by the United States, which is underpinned through use of the petrodollar as the world reserve currency, the Wall Street Journal reports that Venezuelan President Maduro has officially followed through on his threat to stop accepting US Dollars as payment for crude oil exports in the wake of recent US sanctions.
Last Thursday, President Nicolas Maduro said that if the US went ahead with the sanction, Venezuela would "free" itself from the US Dollar.
According to Reuters:
"Venezuela is going to implement a new system of international payments and will create a basket of currencies to free us from the dollar," Maduro said in a multi-hour address to a new legislative "superbody."
Unsurprisingly, Maduro noted that his country would look to the BRICS countries, and begin using the Chinese yuan and Russian ruble instead — along with other currencies — to bypass the US Dollar stranglehold.
"If they pursue us with the dollar, we'll use the Russian ruble, the yuan, yen, the Indian rupee, the euro," Maduro said.
Rather than work diplomatically with other nations, the United States often uses sanctions to force compliance. Due to the dollar being accepted as the world's reserve currency, almost all financial transactions are denominated in dollars. This phenomenon gives the US a powerful weapon to wield against states that refuse to follow US directives, and underpins the unipolar model of global domination exercised by the US.