Eritrean President Isaias Afwerki: ‘We Need a New Financial Architecture Not Controlled by the Dollar or the Euro’

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Isaias Afwerki, president of Eritrea, reinforced the need for building a new economic system away from the traditional centers of power. At the second Russia-Africa Summit, Afwerki told Russian President Vladimir Putin that the current world order, on top of dollar hegemony, was printing money and weaponizing its position using sanctions, trying to contain the emergence of China and Russia.

Eritrea President Isaias Afwerki: ‘They Are Printing Money’

Eritrean president Isaias Afwerki detailed his position about the need for the emergence of a new world order that would need to be separated from the hegemony of already established currencies.

In a meeting held on July 28 with Russian President Vladimir Putin as part of the second Russia-Africa Summit held Saint Petersburg, Afwerki explained that Western nations are weaponizing traditional financial systems without manufacturing anything for the world economies.

Afwerki stated:

They are printing money. They are not manufacturing anything at all; it is all about printing money. And this is one of their weapons. The global monetary system controlled by the dollar and the euro is being used.

Furthermore, Afwerki explained this was being done to contain the growth of Russia and China.

A Sanctions-Based Containment System

Explaining how African countries and Russia could sidestep this situation, Afwerki stated:

We need a new financial architecture, globally, one that is not controlled by the euro, the dollar, or other currencies. Following this failed attempt to contain Russia they will immediately move to the East: containing China is their next agenda.

Western nations, Afwerki says, will use “defamation, demonization, psychological warfare, sanctions” to achieve this objective.

The U.S. enacted economic sanctions against Eritrea in November 2021, when the country was banned from using the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system, crippling its means to complete international transactions in dollars.

On the situation of sanctions against Eritrea, Afwerki declared:

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. But they have to contain us: sanctions, sanctions, sanctions, conflict here, conflict there.

Putin also referred to the weaponization of the dollar in the current financial system during a recent meeting with New Development Bank’s (NDB) President Dilma Rousseff, stating that it would make growing the influence and size of the bank a “not easy” task.

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