The growing use of national currencies in сross-border settlements, including in energy trade, signals the end of the US dollar as the dominant currency globally, Russian President Vladimir Putin said on Friday while addressing the St. Petersburg International Economic Forum (SPIEF).
According to the Russian president, the world’s major economies’ dollar reserves are rapidly shrinking, as are trade settlements using the US currency, while many nations are pitching projects to create new reserve currencies.
“The share of settlements in the dollar is declining. The share of settlements in yuan is growing. Oil producers in the leading Arab countries are now saying that they are ready to pay for oil in yuan… If this trend gains momentum and other oil and gas exchanges appear where settlements are not made in dollars, then this is the beginning of the end for this currency,” Putin said.
The president noted that Russia never intended to de-dollarize either its domestic economy or…