Sechin pointed to the growing attractiveness of gold and cryptocurrencies

The use of the dollar as a sanctions weapon undermines its position and creates prerequisites for the use of alternative instruments such as gold, cryptocurrencies, as well as the national currencies of other countries, said Igor Sechin, Chief Executive Officer of Rosneft, making a key presentation at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.

The head of Rosneft noted that according to the World Gold Council, over the past three years alone, the share of gold in global gold and foreign exchange reserves has increased by 7% and exceeded 20%, and according to the latest survey by the World Gold Council, 95% of the world's central banks plan to increase their gold reserves over the next 12 months.
"A clear confirmation of the significant increase in demand for gold is the increase in its relative value. Today, 1 ounce of gold can buy about 4 times more oil, 9 times more steel and 35 times more wheat than in 1950. And the governor of Florida signed a law recognizing gold and silver as legal tender in this state," he said.

The downgrade of the credit rating and the uncertainty of forecasts of US fiscal stability lead to the fact that US Treasury bonds are gradually losing their status as a "safe haven". Their place is taken by gold, the price of which, as a rule, rises on the eve of global crises, said the head of Rosneft.

Sechin also drew attention to the growing use of cryptocurrencies. "The volume of cryptocurrency trading has increased tenfold to $18.5 trillion over the past five years. And New York State is considering a bill allowing government agencies to accept payments in cryptocurrency," Igor Sechin said.

In addition, he noted the growing use of national currencies — the yuan, the dirhams and the Indian rupees in international trade. "The yuan's share in international settlements has already exceeded 6%, catching up with the euro," Sechin said.