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Gold could become dollar's main competitor, Russian oil exec says
From Tass, Moscow
Thursday, December 5, 2024
RAS AL-KHAIMAH, United Arab Emirates -- Continued restrictions on dollar settlements in world trade will increase the opportunities for using national currencies and developing new universal instruments and gold can again become the dollar's main competitor in global trade, Rosneft CEO Igor Sechin said at the Verona Eurasian Economic Forum.
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"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. Gold will be the dollar's main competitor, which mankind has been using for thousands of years for settlements," Sechin said.
He also added that the U.S. has lost its leadership in science, industry, and finance and has failed to maintain a fair world order. By unleashing various conflicts, the U.S. is trying to create special conditions for its economy at the expense of other market participants, Sechin said. ...
... For the remainder of the report:
https://tass.com/economy/1882707
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