The West will lose its dominance of the global financial system because of its own sanctions

According to RT news agency on February 27, The Economist wrote: "Russia has outwitted Western sanctions, while China is taking a closer look at the context." The world has been witnessing an unprecedented increase in tensions in the economic war. However, as the West tightens restrictions, forms of sanctions evasion are also becoming more complicated.

"Visit any country like China, Russia and the Middle East that maintains trade with the West without following Western rules, and you will discover how companies and businesses achieve their goals despite sanctions," wrote The Economist.

According to the Economist, any Western rival would face a series of harsh measures: first of all, trade embargoes and financial sanctions. However, allAll these measures must be hampered by the growing prosperity and financial sophistication of “third countries” – those not subject to US and European sanctions.

The US’s aggressive sanctions package could encourage countries to “circumvent” the sanctions, indirectly encouraging them to abandon the US dollar. And it would not cost them much to switch to alternative financial systems like those created by China, to neutralize the impact of the sanctions.

"The West's campaign to reassert its dominance over the global financial system is costing it control once and for all," commented The Economist.

Previously, on February 23, the European Union announced the 13th package of sanctions against Russia, targeting 106 individuals and 88 entities.

The new sanctions mainly target the Russian military and defense sectors, along with individuals involved, as well as members of the Russian judiciary. The sanctions imposed on the individuals and entities listed include asset freezes and travel bans. The ban also applies to EU citizens and companies that conduct monetary transactions with Russia./.