In a recent meeting during the second Russia-Africa Summit in Saint Petersburg, Eritrean President Isaias Afwerki expressed his concern about the established global financial system, emphasizing its weaponization by Western nations.
President Afwerki, in an address to Russian President Vladimir Putin, underscored the need for a new global financial system, separate from the stronghold of dominant currencies such as the dollar and the euro. The Eritrean leader candidly remarked on the tactics of Western nations:
“They are printing money. They are not manufacturing anything at all; it’s all about printing money.”
President Afwerki
His remarks touched upon a broader issue: the control and weaponization of global finance by a few dominant powers. Afwerki pointed out how this power is being used to stifle the emergence of major players like Russia and China. He warned African nations of potential challenges in their growth trajectories, implying that the West will resort to “defamation, demonization, psychological warfare, sanctions” to retain dominance.
The call for a more equitable financial system isn’t just theoretical for Eritrea. In 2021, Eritrea experienced the hard-hitting consequences of this control. The U.S. imposed sanctions, effectively banning the nation from using the SWIFT payment system. This move hamstrung Eritrea’s ability to conduct international transactions in dollars, delivering a significant blow to its economy.
“We have to be punished because we are not bowing to their conditionalities. We are a very small threat; we are not even a threat to them,” Afwerki expressed, illuminating the situation’s gravity for his country.
Russian President Vladimir Putin shared the sentiment. While discussing the challenges faced by the New Development Bank (NDB), he noted the strategic “weaponization of the dollar” in the financial system, implying its use as a geopolitical tool more than an economic one.
As world leaders like Afwerki and Putin shine a spotlight on the current financial order’s disparities, there’s an evident push to reimagine and recalibrate the balance of power in global finance. Whether their vision for a new financial architecture will gain momentum or how the West will respond remains to be seen. But it’s undeniable that conversations like these will shape the geopolitical landscape of the future.
