“The South African government has rejected US allegations that it approved of an arms sale to Russia, with President Cyril Ramaphosa having ordered an official inquiry. The presidency’s office said Friday there was ‘no evidence” currently of such an arms sale, also with the foreign ministry saying there was “no record of an approved arms sale by the state to Russia related to the period/incident in question.’
Further, one of Ramaphosa’s cabinet ministers, Khumbudzo Ntshavheni, has blasted Washington’s ‘megaphone diplomacy’ and vowed that South Africa will not be ‘bullied by the US.'”
Analyst Comment: The threat of economic sanctions is a big driver of de-dollarization. With the US leveling accusations like this, many nations are internally weighing the risks of staying moored the US dollar. It is the US’ abuse of the dollar and economic sanctions that will be its’ undoing.