Dollar, historical dominance is coming to an end

The dominance of the US dollar is coming to an end amid dramatic changes in the world economy following a failed attempt by the West to bring Russia to war in Ukraine, says a leading Russian banker. In an interview with Reuters, Andrei Kostin, CEO of VTB Bank, Russia's second largest bank, said the US and the European Union are losing to the abandonment of the dollar and the euro by many countries using other currencies to settle payments.

“The long historical era of US dollar dominance is coming to an end,” Kostin said, adding that VTB is already discussing the use of the yuan in deals with third countries. “I think the time has come for China to gradually remove currency restrictions. China knows it will not become the world's leading economic power if it keeps its yuan as a non-convertible currency,” Kostin added.