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West’s actions discrediting key market institutes — diplomat

Distrust in the financial system based on European reserve currencies is growing, Konstantin Gavrilov added

VIENNA, July 1. /TASS/. Western countries are discrediting market institutes by their actions, head of the Russian delegation at Vienna Negotiations on Military Security and Arms Control Konstantin Gavrilov said.

"The collective West has discredited and weakened key market institute by their actions. Using the IMF and the World Bank, juggling with the climatic agenda, it restrains development of the Global South," the diplomat said.

Distrust in the financial system based on European reserve currencies is growing, Gavrilov said. The West also inflicted harm to the system it had created when decided to steal Russian assets, he noted.

"It becomes obvious for all countries, companies and sovereign funds that their assets and reserves are far from being security either in legal or in economic sense. Do we need such a financial and economic model based on the sovereign’s will? Obviously not," the Russian diplomat concluded.

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