The CEO of Russia's VTB Bank said the US dollar's dominance is ending, but the yuan could be on the rise.
His comments come as VTB, Russia's second-largest bank by assets, is discussing settling trade transactions using the yuan with countries outside China.
The debate is fanned by fears that Washington is weaponizing the US dollar-denominated global financial system against Russia over the Ukraine war.
VTB posted a loss of $7.7 billion in 2022 due to Western sanctions against Russia.
But the bank expects to post record profits in 2023 after acquiring a rival Russian bank, Reuters reported in April.
Persons:
—, Andrei Kostin, Kostin, Russia's, Washington, VTB
Organizations:
Russia's VTB Bank, Reuters, Service, US, Russia
Locations:
Reuters Beijing, China, Russian, Russia, Ukraine, Washington