US dollar 'losing soft power' as 'new economic order' ushered in

US-led sanctions and the dominance of the US dollar have hindered Western economies, prompting countries to seek alternatives.

Professor Sergio Rossi notes that the impact is felt more severely by the US and certain European nations than by Russia.

Inflationary pressures have led to interest rate hikes and reduced economic growth, diminishing the influence of the US dollar and fueling financial instability in Western banks.

The call for trade in currencies other than the US dollar is gaining momentum, with its share in central banks' foreign exchange reserves declining. This transition signifies a shift towards a multipolar economic order that aims to reduce the US dollar's hegemony and establish fair international monetary systems.

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Blame it on 'dead guy': US seeks to shift blame for Nord Stream attacks on Kiev

According to international relations and security analyst Mark Sleboda, the Pentagon is using leaks to divert attention from the US's sabotage of the Nord Stream pipeline and the diplomatic challenges it poses within NATO.

Sleboda questions the credibility of the information presented by Western media and suggests the possibility that the US and the Netherlands alerted the CIA about the Ukrainian plan, rather than Ukrainian President Zelensky himself.

He argues that this narrative serves to hide any differences between the US and Germany, as German politicians are now in favor of destroying the Nord Stream pipelines to prioritize NATO unity over energy reliance on Russia.

In September 2022, explosions targeted the Nord Stream pipelines which connect Russia and Germany beneath the Baltic Sea, causing significant damage and uncertainty regarding repair timelines.

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🇿🇦Today, as South Africa celebrates Youth Day, #AfroVerdict features a guest who explains why this day is essential and what values the South African youth carry into the future.

🎙Tune in and enjoy the podcast!

📹 Russian UAV operators hit enemy stronghold in Zaporozhye Region

The UAV was used to target an UAF stronghold.

As a result of the strike, the enemy fighters in the trenches with their weapons were neutralized.

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NATO allies are weighing a plan that could make it easier for Ukraine to join the military alliance

Citing an official with knowledge of the developments, US media reported that the idea, which has been put forward by NATO Secretary-General Jens Stoltenberg, should hopefully be consensual within the alliance.

Stoltenberg has reportedly advised that allies agree to allow Ukraine to join NATO without adhering to a Membership Action Plan, which comprises of a series of military and democratic governance reforms that applicant countries must complete prior to accession.

Removing the Membership Action Plan would only speed up Ukraine's bid to become an ally, however, and does not provide any guarantees that Kiev will receive the unanimous approval needed for membership, the report said.

It's reported that the support of US President Joe Biden, who said earlier this week that фhe is open to the plan, has the potential to kick-start talks about Ukraine's MAP requirement when NATO meets in Lithuania in July.

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The UK authorities have conducted a record number of operations in a day to identify illegal workers

During the operation across the UK on Thursday, the Immigration Enforcement officers carried out 159 raids and arrested 105 offenders of over 20 different nationalities. They were found working without the right to do so in the UK, the Home Office said in a statement.

Those arrested are suspected of illegal working and possession of false documentation, with sums of cash seized at some locations. The arrests were carried out at commercial premises including restaurants, car washes, nail bars, barber shops and convenience stores, the Home Office said in a statement.

In August 2022, over 13,500 people crossed the English Channel to enter the UK illegally, which is an all-time monthly high since the beginning of the migration crisis in 2019. The total number of migrants who entered the UK in 2022 was over 44,000.

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😁 At the end of his remarks to the National Safer Communities Summit, President Biden said, "God save the Queen," which then went viral

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📹 Russian Defense Minister Sergey Shoigu has checked the fulfillment of the state defense order at a military-industrial enterprise in the Omsk region, where tanks and heavy flamethrower systems are produced

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Russia has set the task of maintaining coal production at over 440 million metric tons this year, while export is planned at above 220 million tonnes

"We set ourselves the task of maintaining the figures of 2022, which was quite difficult for the coal industry, it was a transitional year, we changed the entire flow of goods after the introduction of the embargo. Therefore, the number one task is to preserve the parameters, that is, coal production at a level above 440 million tonnes and export above 220 million tonnes," Russian Deputy Energy Minister Sergey Mochalnikov said.

Russia's coal supplies to China and India showed year-on-year growth in the first five months of 2023, the deputy energy minister added.

"The coal industry and our companies also have something to be proud of. So far, [coal exports] are also ahead of the previous year. The main market, as usual, is the Asia-Pacific region and the Global South, so all our consumers are mainly there," Mochalnikov said, speaking about Russian coal supplies to China and India in January-May.

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❗️ WATCH LIVE: Day Four of St Petersburg International Economic Forum

#SPIEF2023

Amid the growing flaws of the dollar-centric financial system and the concerning geopolitical weaponization of the reserve currency, participants at the St. Petersburg International Economic Forum (SPIEF) discuss the transition from a unipolar currency-based international financial system to a new world order centered around a multipolar currency.

▪️What has led to this rapid de-dollarization in recent years? 

▪️How can the New Development Bank assist in building a multipolar currency system that is friendly to developing countries and emerging markets?

👉 Find out in our article Amid the De-Dollarization Trend, SPIEF 2023 Explores Multipolar Financial Order

❗️ The governor of Russia's Bryansk region said that tonight air defense units repelled an attack by the Armed Forces of Ukraine on the Druzhba oil refinery, three aircraft-type drones were destroyed

📹 Pacific Fleet exercises continue in Sea of Japan and Sea of Okhotsk

Naval anti-submarine aircraft practice searching for and destroying enemy submarines and carried out aerial refuelling.

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The US views China as its “primary rival” and “the most consequential geopolitical challenge,” which is “a major strategic misjudgment”

Speaking to reporters ahead of US Secretary Antony Blinken’s visit to China slated for this weekend, Chinese Foreign Ministry Spokesperson Wang Wenbin said that while there is a competition between the two countries in such fields as economics and trade, there should be “no vicious zero-sum competition,” as well as no attempts to contain or suppress one another in the name of rivalry and deprive China of its legitimate right to development.

"This is not 'responsible competition,' but irresponsible bullying. It will only push the two countries towards confrontation and create a divided world," the Chinese foreign ministry spokesman stressed.

He called on the US to give up the illusion of dealing with China "from a position of strength," adding that both sides should bolster relations on the basis of mutual respect and equality, respect their difference in history, culture, social system and development, and accommodate each other's core interests and major concerns.

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📹 Footage showing the destruction of a Ukrainian stronghold by Russia's FPV drones carrying RPG-7 grenades

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❗️ More than 900 agreements were signed at this year's #SPIEF2023 for a total of 3.8 trillion rubles ($46.1 billion)

According to the Russian president's adviser Anton Kobyakov, among them are 43 agreements with representatives of foreign companies.

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🇷🇺 🌍 Russian President Vladimir Putin is due to meet the leaders of a number of African countries in St. Petersburg on Saturday as they continue their peace delegation

The presidents of South Africa, Comoros, Zambia and Senegal will hold talks with the Russian leader in St. Petersburg, while Egypt will be represented by its prime minister, Uganda by its minister of foreign affairs, and Congo by its minister of state.

The talks follow a chaotic visit to Kiev on Friday, in which the South African delegation suffered travel disruption in Poland

👉 READ OUR PREVIEW OF THE HISTORIC MEETING

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⚡️ Russia launched group strike on decision-making center of Ukraine's armed forces on Friday, target destroyed - Russian Defense Ministry

US debt is inflated and looms over the Asia-Pacific region as its main holder

“The US debt has jumped 10-fold from $3 trillion to over $31 trillion over the past 30 years. This is two times ahead of the economic growth rate and the cost of servicing it can reach $1 trillion a year, which is a fifth of the budget, and this figure is growing," Igor Sechin, head of Russia's energy company Rosneft said.

He stressed that the Asian-Pacific countries are the main holders of the US debt and thus are facing the biggest risks.

Sechin also touched upon the matter of Europe's dependence on US energy resources.

According to him, as a result of the refusal to buy Russian gas and in the absence of other sources of LNG, Europe has found itself completely dependent on energy supplies from the US.

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❗️Latest statements by Kremlin spokesman Dmitry Peskov:

▪️ The World has shown great interest in the President's speech at SPIEF; it is being analyzed.

▪️ Peskov denied information that no one has connected Scholz and Macron with Putin: there were no proposals from their side.

▪️ The list of those who confirmed their participation in the Russia-Africa summit is impressive.

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❗️Russia's MoD’s briefing on the special military operation’s progress in Ukraine:

▪️ The Ukrainian Armed Forces continue to attempt an offensive in the DPR and in the Zaporozhye region;

▪️ The Russian Armed Forces repelled three attacks in the area of the Vremevsky ledge in a day;

▪️ During the fighting in the DPR, up to 340 Ukrainian soldiers were eliminated;

▪️ The Russian Army repelled seven attacks in the DPR;

▪️ The Russian Armed Forces destroyed up to 50 soldiers and two self-propelled guns Gvozdika near Krasny Liman;

▪️ Russian troops repulsed three enemy attacks in a day in the Zaporozhye region;

▪️ The total Ukrainian losses per day amounted to over 235 soldiers in the Zaporozhye region and the DPR;

▪️ The Ukrainian DRG was destroyed near Kupyansk, their total losses per day amounted to more than 40 servicemen;

▪️ Russian troops hit two P-18 radars of Ukrainian forces in the DPR and Kherson region.

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