The global economic system is entering a period of transition, accelerated by the conflict in Ukraine

Even before the war in Ukraine and the severe Western sanctions imposed on Russia, the global economic and financial system was entering a period of transition, says an economic expert.

This was elaborated by Sergey Glazyev, former Russian Minister for Foreign Economic Relations, in his book on the current situation of the world economic system as it is affected by the ongoing conflict in Ukraine and the reaction shown by the West, dominated by the United States, to the Russian military operation there.

Speaking in an exclusive interview with Press TV’s Insight program, Glazyev shared his views on this topic.

These are the highlights of his views and the full video of his interview is attached.

Changes in the relative economic power of nations, especially those of the rising powers in Asia, began to challenge America’s global financial and economic hegemony.

For the first time, serious efforts are being made to replace the US dollar as the international trading currency as well as efforts to create new international financial systems independent of the West; new systems that cannot be abused and militarized by the West to wage economic war against people around the world.

It is not yet known what these new global economic and financial systems will look like, but what is clear is that they will be centered in Asia and will be very different from what existed before.