Deripaska predicted the end of sanctions due to the increase in the volume of transactions in yuan

The businessman suggested that the number of transactions in the Chinese currency will exceed the number of transactions in the euro in four years. “And at this point the sanctions can be considered a completed exercise,” he said

The two-fold increase in the volume of transactions in the world in yuan over the past year speaks “of the extreme success of European and American sanctions policies,” says the founder of Rusal, Oleg Deripaska ( Forbes estimates his fortune at $2.5 billion).

He suggested that the number of transactions in the Chinese currency will exceed the number of transactions in the euro within four years. “And at this point the sanctions can be considered a completed exercise,” the billionaire wrote in his Telegram channel.

He commented on an article in the Financial Times, which said that despite the weakening of the yuan against the dollar in 2023, the share of the Chinese currency in cross-border payments increased from 1.9% in January to 3.6% in October. Compared to the share of the dollar (47.25%) and the euro (23.36%) in the calculations, it remains low, but its growth “may indicate change.”

The businessman is under sanctions from the US , EU and UK .

In September, the yuan, according to SWIFT data, displaced the euro from second place among the major currencies in settlements through this international system. The share of the Chinese currency was 5.80 versus 4.82% in August, when it ranked third in the top 10. The euro dropped to third place in September with a share of 5.43 versus 6.43% in August. The main currency for transactions remained the dollar with a share of 84.15%. In November, Russia's First Deputy Prime Minister Andrei Belousov noted that the yuan and ruble account for about 95% of settlements between China and Russia.

In April, Deripaska, speaking about the increase in global public debt, emphasized the special role of the United States, which, in his opinion, “has absolutely played with the use of the dollar’s ​​status as a global reserve currency” and is now “on the verge of bankruptcy of public finances.” This collapse would mean “the complete destruction of not only the existing global financial system, but also the entire global world order.”

RBC Pro development program Leadership: how to manage a team and grow with it Dictator's dictionary: what 6 phrases will betray an authoritarian manager A leader who won't leave: how to earn the loyalty of subordinates Psychology in business: 6 types of destructive leadership New leadership: how to manage a business in such conditions uncertainty The power of the environment: how a leader can grow with his team Growing the pie. How great companies achieve goals and make profits “I didn’t say that”: 7 phrases after which the leader will not be trusted You swim shallow: how the thinking of a leader differs from the thinking of a performer A manager doesn’t need to be very smart: the head of JPMorgan talks about management Why your subordinates work sluggishly. 11 strongest demotivators The founder of Vkusville talks about how to improve team work and service Why toxic managers are the most successful and what to do about it

The entrepreneur also believes that by the end of the 2020s, global settlements will become more diversified due to the decline of the dollar as a key global currency. According to him, “this will already be a world without a hegemon.” “The only pity is that our enslaving financial system will drag us down for a long time, hanging like a heavy weight of expensive loans in the Russian economy,” Deripaska said.