Sechin cited U.S. sanctions as the reason for the loss of confidence in the dollar

The United States has lost its primacy in global trade, and the dollar is losing its position as an international means of payment. This was stated by Igor Sechin, head of Rosneft, during his speech at the XVII Verona Eurasian Economic Forum. He emphasized that American sanctions play not the least role in this.

According to Sechin, the US has been trying for decades to strengthen its leadership in trade by any means, including pressure through the World Trade Organization (WTO). Having failed to fully subordinate the WTO to its interests, Washington "does not hesitate to take unilateral measures," he said.

Sechin added that US dominance in the global monetary system has led to a series of debt and financial crises and lost decades for several dozen developing countries.

"The cause of these crises was large borrowings of developing countries in US dollars and the subsequent devaluation of the national currencies of these countries," he explained.

The Rosneft head also emphasized that the US is rapidly losing its primacy in the technological sector of the world economy and will no longer be able to stop China's development.

"By prioritizing the goal of improving financial results by reducing investment in new developments, companies have stopped being high-tech and lost the trust of investors," he said.

In addition, Sechin noted that the growth of the US government debt has become uncontrollable and cannot be reduced through market mechanisms.

The Verona Eurasian Economic Forum is taking place in Ras al-Khaimah (UAE) from December 5 to 6.