BAKU, October 27. /TASS/. A number of states are currently seeking to abandon dollar settlements in order to strengthen their financial systems and reduce the risks of dependence on the dollar. This process has already started and it is irreversible, Rosneft CEO Igor Sechin said on Thursday at the 15th Verona Eurasian Economic Forum in Baku.
"Southeast Asia's leading economies are increasingly settling directly with one another. In order to strengthen their own financial systems and lessen the risks associated with reliance on the dollar in the face of arbitrary confiscation of accounts, transactions, sovereign funds, gold, and currency reserves, central banks in Asia and the Middle East are setting up bilateral FX swap lines. We see that states that want to keep their sovereignty prefer to stop making settlements in dollars. This process has already begun and it is irreversible," he said.
Sechin added that since the end of 2021, foreign investors have reduced investments in US government debt by $238 bln. The share of the US dollar in the foreign exchange reserves of the world's central banks has fallen to 55%, which is the lowest figure since 1995.