US-sanctioned Russian bank CEO hails yuan use while decrying US dollar weaponisation
- VTB Bank’s Andrey Kostin spoke with Post during Russian delegation’s state visit to Beijing
- Russia’s second-largest lender, which lost billions last year after being cut off from US dollar and euro, expects a huge turnaround this year as trade with China expands
China has “a lot of opportunities” to expand use of the yuan in its trade and investment with Russia and even among third-party countries, and doing so would represent an important step for China in countering potential US sanctions and becoming the world’s top economy, according to a senior Russian banker.
Kostin’s comments came as Beijing and Washington are squaring off in trade, finance and technology, while Russia’s backing of the yuan has been a catalyst in the global push for de-dollarisation.
“Each country should think about building economic and financial security by, you know, having alternative ways. Otherwise, it’s very dangerous to rely on America,” he told the Post in Beijing.
“Dollar rules the world at the moment … America is using it as a weapon, because by imposing the sanctions they are eliminating some economic competitors. They’ve got some advantages. But mainly they are using it for political or even military [purposes],” he said in English.
Kostin is part of a large delegation, led by Russian Premier Mikhail Mishustin, that kicked off a state visit to China on Tuesday.
