The monopoly of the US dollar is going to end soon.

100 us dollar bill

According to a Reuters report, of Russia
Andre Kosten, CEO of the second largest bank VTB, has said that this crisis is the beginning of major changes in the global economy and that China is emerging as a major global economic power.

Andrey Kosten is one of Moscow’s most powerful and experienced bankers. He previously served as a diplomat in Australia and the UK and moved into banking shortly after the collapse of the Soviet Union. Also headed the bank, now known as VEB.

In response to a question regarding the Cold War in the world, Coston said that now it is a hot war which can prove to be more dangerous than the Cold War.

United States he said and the European Union would suffer a lot from the move to freeze hundreds of billions of dollars in Russian assets because many countries prefer to make payments in other currencies instead of the US currency and the euro.

Moscow Overlooking from his office on the 59th floor of the bank’s skyscraper, VTB CEO Andre Kosten, 66, told Reuters that the long and historic period of monopoly of the US dollar was coming to an end very soon. Time i think has come when China will gradually remove currency restrictions.

Dominated U.S. dollar had the world since the turn of the 20th century when it overtook the pound sterling as the global reserve currency, although JP Morgan said this month Signs there were of the dollar weakening in the global economy. are coming forward. China’s spectacular economic growth over the past 40 years and the impact of the Ukraine war have further complicated the position of the US dollar.

After President Vladimir Putin sent troops into Ukraine in February 2022 last year, Western countries imposed the toughest sanctions ever to weaken the Russian economy and punish Putin for war.

Sanctions he said were unfair and a political decision that would only harm the West, noting that he had read interesting articles about the laundering of drug money by major Western banks.

Kosten made clear that VTB would have a profit of 400 billion rubles ($4.9 billion) in 2023 after a bumper first five months of the year and a record loss last year.

Economy he said Russia’s would not break with the West as the International Monetary Fund (IMF) in April raised its 2023 Russian GDP forecast to 0.7 percent from 0.3 percent. It cut its 2024 forecast to 1.3 percent from 2.1 percent.

On the question of whether Russia’s economy will remain a free economy? In response, Coston said I strongly hope so.