Foreign expert: More countries looking to pull the plug on dollar

Transformation of all geo-economics will take place in the coming years or even decades. More and more countries are trying to establish alternative ways to overcome the dependence on the US dollar, said Benyamin Poghosyan, chairman of the Center for Political and Economic Strategic Studies, Armenia.

Poghosyan said there is a clear choice for every country in the world, either they are going to accept the dominance of the US, be cut off from the dollar-dominated international financial system, or try to establish an alternative, multilateral financial system.

"Many countries, such as Russia, India, Iran, and others, are trying to launch bilateral trade using not the dollar but local currencies," said Poghosyan.