MOSCOW, April 16. /TASS/. The pace at which the US dollar is being phased out in international settlements will accelerate in the near future, President and Chairman of the Management Board of VTB Bank Andrey Kostin said in an interview with Rossiya-24 TV channel.
He noted that the current mechanism of international settlements is undergoing transformation due to the development of digital systems and the political use of the US dollar as a weapon, a policy pursued by the administration of former US President Joe Biden.
"Therefore, the phasing out of the dollar - through digital methods and the use of national currencies and digital settlements - will gain momentum in the near term," Kostin said.
He emphasized that an increasing number of countries are becoming convinced of the risks associated with dependence on the US currency.
Kostin also stated that the new US tariffs would have a negative impact on both the Russian and global economies. "Today, the [global] economy is so interconnected that problems in one region typically have repercussions for others, including Russia," the head of VTB explained.
At the same time, according to him, the Russian economy rests on solid foundations, and despite the current pressures, the country is experiencing a stable macroeconomic environment. "In my view, the economy will withstand these blows as well," Kostin concluded.