MOSCOW, June 14. /TASS/. The United States undermined confidence in the dollar as a world reserve currency by imposing sanctions on Russian financial institutions, State Duma Speaker Vyacheslav Volodin said.

"The dollar has grown toxic. Washington completely undermined confidence in the dollar as a global reserve currency as it imposed illegitimate sanctions on our country’s financial institutions," Volodin wrote on his Telegram channel. The latest restrictions will not work, he said.

Dedollarization is inevitable globally, Volodin maintained. In his view, economies can see now that the United States uses the dollar "as an instrument of political pressure," and not only Russia, but also other countries, including its BRICS allies, have been reducing their reliance on the dollar.