Rosneft CEO: restrictions on Dollar settlements to increase possibilities of national currencies
The United States has lost its primacy in world trade, and the American Dollar is gradually losing its position as an international means of payment much due to the US sanctions policy – as stated by Rosneft CEO and Chairman of the 17th Verona Eurasian Economic Forum, Igor Sechin, at today’s plenary session of the forum
According to Igor Sechin, the United States has been trying to strengthen its leadership in trade for dozens of years – doing that by any means, including the pressure with the help of the World Trade Organisation. “Having failed to fully subordinate the WTO to its interests, the American administration does not hesitate to take unilateral measures contrary to the WTO norms. The import duties regularly imposed by the White House to protect the American market are a striking example of such a policy,” he explained.
In his report, Rosneft CEO stressed that, over the past twenty years, the number of restrictions imposed has exceeded 15,000. “Moreover, the imposition of sanctions does not even require proof of guilt, which contradicts the basic principles of international law. Using the Dollar as a sanctions tool is a big mistake, since trade will never stop. Both energy security and life in general depend on it. There are always alternatives,” he said.
According to Igor Sechin, restrictions on Dollar settlements will increase the possibilities of national currencies, and gold – used for settlements for thousands of years – will become the main competitor of the American currency.
Based on the World Gold Council data, the share of gold in global gold and foreign exchange reserves has increased from 12 to 20 percent in the last three years alone. Rosneft CEO believes: it is simply needed to stop using the Dollar as an instrument of sanctions in order to remove risks from this currency. “We are confident that awareness of the perniciousness of the sanctions policy will come to the fore, and the right decision will be made by reasonable people who understand the value of the Dollar as a global and national currency. Let me remind you of Winston Churchill who said: ‘You can always count on the Americans to do the right thing after they have tried everything else’.”
The Verona Eurasian Economic Forum is a platform that traditionally brings together politicians, experts, diplomats, heads of major companies and journalists from the West and the East. It was hosted by Italian Verona for fourteen years – even at the height of the COVID-19 pandemic. However, geopolitical realities forced the organisers to change the traditional venue. In 2022, the forum was for the first time held outside Italy: in the capital of Azerbaijan, Baku. Later, it was hosted by Uzbek Samarkand. This year, the organisers — the Italian non-profit Conoscere Eurasia Association, the Roscongress Foundation and the UAE Chamber of Commerce and Industry – have chosen the Emirate of Ras Al Khaimah as the venue.
The agenda of the forum – that is taking place on December 5th-6th – includes sessions on a wide range of global topics – such as the development of energy, infrastructure, transport, finance, digitalisation, and medicine. General issues will cover the development of business dialogue and effective ways of co-operation between countries and organisations in the territory of Greater Eurasia.
