De-dollarization as a Manifestation of the Transition of International Monetary Relations to Polycentrism

Abstract

The article analyzes the possibility of gradual transition to polycentrism in international monetary relations. Highlighted controversial issues, the solution of which depends on the degree of de-dollarization of international monetary relations and a reduction in geopolitical risks and reducing losses in foreign trade activities as a result of the diversification of currencies used in international transactions and payments. The measures taken by developed and developing countries to reduce the impact of the dollar as an important tool for the implementation of economic policy and financial pressure on foreign economic partners of the United States are determined. The necessity of expansion of the Russian policy of dedollarization in the conditions of preservation of probability of expansion of financial sanctions of the USA is proved. Keywords—de-dollarization; protectionism; global reserve assets; polycentrism of currency relations; financial sanctions