The global financial system is currently under pressure from various angles. The setup of global trade is complicated. One of the main reasons for this is that the interests of the United States and Europe have been severely damaged. In terms of trade, China has overtaken these two regions. The Chinese are convinced and accustomed to mass production. China as a whole is also called the factory of the world. The ability to compete with China in the manufacturing process is currently not possible for United States and Europe.

One of the main reasons for this is that China has made systematic efforts to procure raw materials from different regions. It is importing large quantities of raw materials from Africa, Asia and other regions. This process has strengthened not only his economic but also his political and social status. The United States is currently concerned about how it can maintain its dominance in world politics and the economy, especially in finance. China and Russia are becoming a threat to US financial supremacy.

Russia has sounded the biggest alarm bell for the Western-controlled global financial system. The United States and Europe have sought to strengthen their position by imposing economic sanctions on Russia in return for Russia’s military intervention in Ukraine. Russia has been excluded from the international payment system Swift. In this system, all payments are made in dollars and euros. The United States has said that Russia can no longer conduct its financial affairs in dollars. The eviction of Swift means that no Russian company can collect from anyone in dollars or pay anyone in dollars. In that case, what option does Russia have? What can do to break the dollar monopoly? Russia is a major exporter. Its exports include aluminum, palladium, nickel and other metals, crude oil, gas, diamonds, coal and many other important commodities. Russia’s share in world trade is about 22%. A country with such a large commercial status cannot be easily overlooked.

Now China is talking about settling oil deals with Russia in rubles (Russian currency). On the other hand, Saudi Arabia, in some cases, seems to be jealous of a setup like Swift. What if Russia started doing all its trade in rubles? The global position of the dollar will weaken. If Russia succeeds, other countries will also have to deal in their own currencies. The largest exporters of crude oil are Saudi Arabia and the United Arab Emirates. What if they decided to sell their oil in their own currency?

As China has agreed to trade with it in rubles and yuan. If two or three more countries come this way, it will be very dangerous for the dollar to rise. At the time of Russia’s invasion of Ukraine, there was an impression around the world that a new bloc was about to emerge that would be anti-Western and give the West a real tough time. The Muslim world, including Pakistan, is very important in this regard because it is on the basis of our decisions that the features of this bloc will become clear.

It doesn’t matter if India doesn’t agree. Much will change if most countries in the Muslim world stand with China and Russia. In that case, the United States will not be able to maintain its position in world politics and the economy. The real concern for the United States and Europe is that both Russia and China have a significant share in world trade. As the world’s largest manufacturing engine, China and Russia stands out to the United States and Europe.

The key question now is what the United States and Europe want. Are they willing to make any concessions to the rest of the world? Is the Western world ready to involve other emerging powers in global politics and economics? The head doesn’t look like that. The attitude of the superpowers in every era is the same as that of the United States and the European Union. Both are not ready to back down. US is not in favor of leaving room for China and Russia. This does not mean that their power is intact. Although there has been a decline in power, the two regions do not want to give the impression of weakening.

If China and Russia set aside their current international payment system and develop an alternative system for themselves, the financial superiority of the United States and Europe would be severely hit. If the Arab or Gulf states are also interested in adopting this alternative system, a lot will be reversed. Russia has been talking for a long time about restoring the barter system that is, replacing goods with goods. If any such system is introduced, the decisive position of the dollar will be severely affected.