On the Multi-Polarity and Transformation of the International Payment System

Abstract

In the modern world economy, a global transformation is taking place, a transition is being made from a unipolar world order to a multipolar one. An analysis of the economic literature indicates the absence of a unified approach to assessing the ongoing changes. The article summarizes the views of experts on this process. The transition to multipolarity, the formation of new centers of power, the hegemon's loss of its position lead to a gradual decrease in the role of the US dollar in the world monetary system as a reserve asset and a means of international settlements. The sanctions imposed on Russia contributed to the development of the process of moving away from the dollar and switching to other currencies in international payments. The authors analyzed the evolution of the de-dollarization process, which has been actively developing in recent years, and the factors influencing it. The article summarizes and analyzes scenarios for creating an international payment and settlement unit.