ANDREI KOSTIN SAYS: IT WAS HOT WAR MORE DANGEROUS THAN COLD WAR

"Andrei Kostin, the CEO of state-controlled VTB, Russia's second largest bank, said the crisis was ushering in sweeping changes to the world economy, undermining globalisation just as China was taking on the mantle of a top global economic power.

Asked if he thought the world was in a new Cold War, Kostin said that it was now a "hot war" that was more dangerous than the Cold War.

The United States and the European Union, he said, would lose from moves to freeze hundreds of billions of dollars of Russian sovereign assets as many countries were moving to settling payments outside the U.S. currency and the euro while China was moving towards a removal of currency restrictions."

""China understands that they will not become world economic power Number 1 if they keep their yuan as a non-convertible currency," Kostin said, adding that it was dangerous for China to keep reserves invested in U.S. sovereign bonds."

SOURCE:

https://www.reuters.com/markets/currencies/russian-banker-kostin-says-end-us-dollar-dominance-is-nigh-2023-06-09/

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