In a video released by Sputnik, Russian President Vladimir Putin criticised the U.S. for abandoning the gold standard, labeling the dollar as a trust-based currency backed by nothing but faith in the U.S. economy.

Putin's remarks come amid efforts by BRICS nations to reduce dependence on the dollar, promoting their own currencies for trade and lending.

Despite the dollar's historical dominance since the Bretton Woods system, its fiat nature has led countries like Russia to explore alternatives such as the ruble and commodities like gold and cryptocurrencies.

Analysts debate the feasibility of de-dollarisation, citing American internal challenges as pivotal in maintaining the dollar's global status amid shifting global financial dynamics.