Economy / FinanceAsiaNorth AmericaRussia

End of U.S. Dollar Dominance on Global Market is Nigh, Russian Banker Predicts


A distinguished Russian banker says the end of the dominance of the U.S. dollar is near as the Chinese yuan rises and the rest of the world sees the peril of the West’s failed attempt to bring Russia to its knees over the war in Ukraine. Andrei Kostin, the Chairman of Russia’s second largest and state-controlled VTB Bank, told Reuters news agency on Saturday that the ongoing Ukrainian crisis was ushering in sweeping changes to the world economy, undermining globalization just as China was taking on the mantle of a top global economic power. Kostin said he thinks the world…

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