Russian businessman claims that sanctions will eventually terminate dollar dominance

(MENAFN) Andrey Melnichenko, founder of EuroChem and SUEK, shared his perspective on the global economic impact of United States sanctions in a comprehensive interview with American journalist Tucker Carlson. Published on Carlson’s YouTube channel, the nearly two-hour discussion covered various topics, prominently including Western sanctions levied against Melnichenko and his wife amid the Ukraine conflict.

Reflecting on his inclusion on the United States and European Union sanctions lists in 2022, Melnichenko described himself as "collateral damage" in a broader geopolitical confrontation. He expressed a belief that these sanctions will catalyze significant changes in global economic dynamics, potentially leading to the erosion of longstanding institutions like the United States dollar's dominance.

Melnichenko highlighted a growing trend towards de-dollarization worldwide, noting that over 50 percent of China's foreign trade transactions now bypass the dollar, a stark shift from the past decade where the United States currency dominated 90percent of China's cross-border trade. Similarly, in Russia, the dollar's role in trade has diminished significantly, accounting for only about 14 percent of exports and imports.

The businessman predicted that ongoing global de-dollarization efforts, accelerated by United States sanctions policies, will ultimately diminish the dollar's status as the world's primary reserve currency. This, he suggested, will be a consequential outcome of the sanctions regime, impacting global financial stability and reshaping international trade relations.

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