Ex-employee of the White House: the refusal of countries from the petrodollar will lead to disaster in the United States

This opinion was expressed by Paul Craig Roberts, an employee of the White House during the administration of Ronald Reagan.

Saudi Arabia's announcement that the government is open to accepting payments for oil in currencies other than the dollar is important, he said.

“The end of the petrodollar will have a severe negative impact on the value of the dollar, as well as inflation and interest rates in the United States,” he wrote.

Roberts noted that the US financial policy, aimed at confiscation of assets and the imposition of sanctions, undermined the position of the dollar.

Thus, he notes, many countries are expressing a desire to use national currencies for international trade, so as not to depend on "possible threats" from the United States.

In April, Russian President Vladimir Putin said that Russia would develop its own competencies instead of those previously acquired through energy revenues.

At the end of November, Russian Deputy Prime Minister Alexander Novak said that Russia and China are developing a settlement system without the use of SWIFT.