Rosneft CEO: Gold could become dollar's main competitor in global trade

Continued restrictions on dollar settlements in global trade will create more opportunities for the use of national currencies and the development of new universal financial instruments, Rosneft CEO Igor Sechin stated at the Verona Eurasian Economic Forum.

He stressed that gold could once again become the dollar's main competitor in global trade, News.Az reports, citing Russian media.

"Using the dollar as an instrument of sanctions is a big mistake, because trade will never stop. Both energy security and life in general depend on it. Alternatives will always be found. Gold will be the dollar's main competitor, which mankind has been using for thousands of years for settlements," Sechin said.

He also added that the US has lost its leadership in science, industry, and finance and has failed to maintain a fair world order. By unleashing various conflicts, the US is trying to create special conditions for its economy at the expense of other market participants.

"It is also obvious that the US has allowed itself to lose its leadership in the scientific, technological, industrial, and financial spheres, which was hard to imagine 20-30 years ago," Sechin noted. According to him, the US has failed to exercise its assumed leadership and has not created the necessary conditions for maintaining a fair world order.

Losing its influence, the US is betting on creating special conditions for its economy at the expense of other market participants, including its allies, Sechin added. "Conflicts are being deliberately aggravated and created in the Middle East, Ukraine, Latin America, and the Asia-Pacific region," he stressed.

At the same time, Sechin believes that the US has lost its leadership in science, industry, and finance and has failed to maintain a fair world order. By unleashing various conflicts, the US is trying to create special conditions for its economy at the expense of other market participants.

News.Az