Putin's Plan to Displace US Dollar Failing Spectacularly

Russian President Vladimir Putin insisted last August that a drop in the importance of the U.S. dollar was "irreversible"—but there appears to be no sign that the global economy is turning its back on the greenback.

Putin's video link comments to the BRICS (Brazil, Russia, India, China and South Africa) summit in Johannesburg may have been another way to lambaste the West for the sanctions it has imposed on Russia, but his wish to dethrone the dollar shows no sign of coming true for the moment.

Russia has vowed to "de-dollarize" its economy, shunning currencies from "unfriendly" countries that have condemned his aggression in Ukraine, but a graphic posted on X by financial news source Barchart on Monday showed the greenback's continuing dominance.