In a further sign the US is losing the dominance of the world’s economic system which it has enjoyed since the end of World War 2, Russia is massively divesting from US securities.
In April, Russia dumped $47 billion in US bonds – roughly half of the US debt it holds.
US President Trump’s escalating tariff war, plus ever-expanding US sanctions on Russia, could also be contributing factors to Moscow’s decision to increasingly ditch dollars.
In exchange, Russia is turning to an ancient and time-tested store of value: gold.