Rosneft CEO predicts gold will challenge US dollar in global trade

Gold is becoming a strong contender against the U.S. dollar in global trade, according to Igor Sechin, CEO of Rosneft, a state-owned Russian oil company.

Speaking at the Verona Eurasian Economic Forum in Ras Al-Khaimah, Sechin discussed the growing use of alternative trade instruments and national currencies due to restrictions on dollar transactions.

“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,” Sechin stated.

“Gold will be the dollar’s main competitor, which mankind has been using for thousands of years for settlements,” he emphasised, highlighting gold’s historical role in commerce.

Sechin also criticised what he views as the declining global leadership of the United States.

“It is also obvious that the U.S. has allowed itself to lose its leadership in the scientific, technological, industrial, and financial spheres, which was hard to imagine 20-30 years ago,” he remarked.

“By unleashing various conflicts, the US is trying to create special conditions for its economy at the expense of other market participants,” Sechin accused, asserting that the U.S. leverages international conflicts for economic gain.

According to Sechin, the shift away from the dollar in international trade is accelerating, with gold likely to play a key role in shaping future financial systems.

The remarks highlight a broader movement among nations to explore alternatives to dollar-based trading systems, especially in light of sanctions and economic tensions.