Gold is emerging as a rival to the U.S. dollar in global trade, with sanctions driving change, according to a top Russian energy executive.
Russian Oil Chief Warns Gold Will Be US Dollar's Biggest Rival
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Gold vs Dollar: The Ancient Rival Poised to Rewrite Global Settlements
Igor Sechin, CEO of Rosneft, Russia’s largest state-owned oil company, highlighted the growing potential of gold as a rival to the U.S. dollar in international trade during the Verona Eurasian Economic Forum in Ras Al-Khaimah on Thursday, Tass reported. Addressing global economic shifts, Sechin emphasized that restrictions on dollar-based transactions are driving the adoption of national currencies and alternative instruments.
“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,” he said, adding:
Gold will be the dollar’s main competitor, which mankind has been using for thousands of years for settlements.
He argued that gold’s historical role in global commerce could make it a key challenger to the dollar’s dominance.
Sechin also commented on what he described as the declining influence of the United States. He argued that the U.S. has failed to maintain leadership in critical sectors such as science, technology, industry, and finance, which was once its strength. He remarked:
It is also obvious that the U.S. has allowed itself to lose its leadership in the scientific, technological, industrial, and financial spheres, which was hard to imagine 20-30 years ago.
He accused the U.S. of exacerbating international conflicts in the Middle East, Ukraine, Latin America, and Asia-Pacific regions to gain economic advantages. “By unleashing various conflicts, the US is trying to create special conditions for its economy at the expense of other market participants,” he said. As global trade evolves, Sechin believes the move away from the dollar will gain momentum, with gold likely to play a pivotal role in shaping future financial systems.
