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Departure from Dollar as an Instrument to Strengthen Sovereignty: Policy of Turkey, Russia and Iran

Student: Yavuz bahadir Caymaz

Supervisor: Maxim Bratersky

Faculty: Faculty of World Economy and International Affairs

Educational Programme: International Relations: European and Asian Studies (Master)

Year of Graduation: 2020

In the context of Trump's mercantilist trade policy, aimed at reducing the benefits of developing countries from globalization, weakening the economic competitors of the United States, and the unprecedented instrumentalization of the US dollar and the US-based global monetary and financial system to coerce / punish Russia, Iran, Turkey, China, etc. , countries began to take measures to strengthen their sovereignty. The purpose of the work is to identify ways to strengthen the sovereignty of states by abandoning the dollar in their monetary, financial and economic policies. To achieve this goal, the following tasks are set in the work: 1) Find out the causes of the problems of the global monetary system; 2) Outline the economic and political consequences of dependence on the current world monetary and financial system; 3) Conduct a comparative analysis of the main actions of Russia, Turkey and Iran in the process of dedollarization. The methodological basis of the study was a combination of general scientific methods with methods of social sciences. The work used methods such as analogy, comparison, generalization, synthesis, analysis of literature and legal documentation on the subject, classification, data analysis and thought experiment. In the study of the empirical part - in the second and partially first chapters - statistical data were used to clarify, better understand and substantiate some phenomena, which strengthened the theses of this work. The sources of these data and documents include the Bank of Russia Reports on international reserves, government investments, the structure of currencies in foreign trade, a review of the Bank of Russia assets management in foreign currencies and gold, reports of the World Gold Council on the value of gold, volumes of gold purchases, gold volumes of the central banks of countries, Report of the US Department of the Treasury on investments of Russia, investments of countries, Reports of the Central Bank of Turkey on the international investment position, financial stability, international p lower ranking countries Reports TurkStat of currency in the foreign trade of Turkey, the IMF reports on national economies and the world's currency reserves. In particular, the study demonstrated that the causes of the problems of the global monetary and financial system are the lag of the global monetary and financial system from time to time and its inconsistency with the economic and political realities of its time, the imperfection and technical shortcomings of the global monetary and financial system, and the disproportionately excessive benefits for the USA from the current system, which cause rejection in other large economies, and the instrumentalization of the system and the US dollar in the hands of the United States. Theoretically, the economic and political consequences of dependence on the current global monetary and financial system remain the threat of blocking, restricting or denying government access to international banks and credit markets denominated in US dollars, the threat of collecting information about all transactions using the US dollar, the threat of intervention, blocking and cancellation of cash transactions around the world, the threat of freezing deposits and accounts in US dollars of certain individuals and structures, the threat of being exposed to the use of access to US financial market as a tool for influencing the policies of non-US financial and commercial institutions, the threat of manipulation by international financial institutions managed by the United States, the threat of sanctions contrary to international law in relations of any state. As practice shows, Turkey, Russia and Iran use methods such as: - diversification of foreign exchange reserves; - sale of US government bonds; - Strengthening gold reserves and their security; - the use of national currencies in foreign trade; - barter; - Creation of national payment systems; - currency swaps; - creation of a national rating agency; - development of blockchain technologies, etc. Since the study has demonstrated that so far the states are in the process of preparing to accelerate de-dollarization and are formulating their strategies with the assumptions of some measures that create the basis for further concrete decisions. And to promote this concept, countries need to work together to create a common system that meets the interests of all participants.

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