The Speaker of the Russian State Duma, Vyacheslav Volodin, said that states dependent on the dollar would be well-advised to seek an alternative to this currency today.
"It is appropriate for states dependent on the dollar to seek an alternative to it today, thereby reducing the risks to their citizens... The United States is on the verge of default. [US President Joe] Biden, like his predecessors, has been forced to raise the US debt ceiling again," Volodin wrote in his blog.
According to the official, such a decision has been made more than 100 times since the Second World War. The US lives at the expense of other states, the ability to service debts independently is decreasing, the State Duma's speaker pointed out.
"Just think about it, in 2023 the amount of interest payments on the US national debt could reach $1.5 trillion - almost a third of all US budget revenues!" Volodin noted, adding that it poses ever greater risks, which is why many countries are switching to settlements in national currencies.
The politician also called the US national debt a "global financial pyramid" created by Washington to "deceive other nations" and added that all pyramid schemes, as history shows, "sooner or later end in failure".
Earlier, the head of Russian diplomacy Sergey Lavrov said that transitioning to transactions between countries in national currencies will have a "healing effect" on global economy and international trade.
In April, World Bank President David Malpass said that the US dollar’s dominance is under question by competitors such as blockchain technology and the Chinese yuan.
Last year, BRICS, a bloc of major developing economies, announced it is working on creating an alternative to the US dollar that would be backed by hard assets.