How strong is the US dollar's position as a reserve currency?

Samantha Lee  Business Insider

Samantha Lee Business Insider

Foreign Minister Mevlüt Çavuşoğlu has said talks with the European Union over visa-free travel for Turkish nationals will be accelerated in the coming period, in a sign of improvement in Ankara-Brussels dialogue amid the former's economic difficulties.

"Abuse, gross abuse of the role of the U.S. dollar as a world reserve currency will cause its role to be weakened", Lavrov said, speaking at a press conference in Ankara with Turkish Foreign Minister Mevlut Cavusoglu.

USA sanctions, including the latest round targeting Turkey, undermine all principles of global trade and in time this move will undermine the role of US dollar as a settlement currency, he said.

"I have already spoken about the sanctions: they are illegal, undermine all principles of global trade and principles approved by United Nations decisions, under which unilateral measures of economic duress are unlawful", Lavrov said.

Speaking to a group of foreign ambassadors in Ankara on Wednesday evening, Foreign Minister Mevlut Cavusoglu appeared to extend an olive branch to US President Donald Trump's administration.

According to the senior Russian official, Western countries, by imposing sanctions against Russia, Turkey and Iran, were trying to influence the success of the Astana format in Syria.

Foreign Minister Mevlut Cavusoglu said it was important to distinguish between "terrorists", rebel fighters and up to three million civilians in Idlib.

The White House says "we won't forget" how Turkey has treated a detained American pastor, after a court rejected his appeal for release.

"We are against the United States or any country imposing sanctions", he added. We can not guarantee that it is suitable for the visually or hearing impaired.

"I am confident that the grave abuse of the role of the USA dollar as a global reserve currency will result over time in the weakening and demise of its role", Lavrov said, echoing statements made by President Vladimir Putin.

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