Lukashenko warns of risks of holding dollars in reserves

Belarusian President Alexander Lukashenko said that, given current US economic policy, holding dollars in reserves is dangerous and it is better to invest them in specific projects. He made the remarks while speaking to journalists about the outcomes of a recent meeting with Russian businessman Vladimir Potanin. Lukashenko noted that the dollar has lost appeal for many countries, citing the freezing of Russia’s foreign reserves in the West as an example. He also mentioned the UAE, which holds substantial dollar assets, stressing that US financial policy makes holding the currency risky. "One can imagine what will happen to… Forgive me, the Emirates, our friends, who have about a trillion. What will they do with these dollars? Everyone sees the financial policy the US is pursuing. Holding dollars in reserves is dangerous," Lukashenko said. During the meeting, Potanin expressed readiness to invest in Belarusian projects. The president recalled that the businessman’s companies need mining and quarry equipment, including unmanned systems. Belarus is ready to cooperate in these areas, as well as in the humanitarian sphere, including supporting education and cultural programs through the Potanin Foundation. Lukashenko added that similar cooperation agreements had previously been reached with another Russian businessman, Dmitry Mazepin. He emphasized that both entrepreneurs have Belarusian roots, and Mazepin’s mother lives in Belarus. The parties concluded that sanctions pressure should be seen as a time of opportunity for developing their own business initiatives.