Backed by VTB Bank, the SPIEF discussion titled New Realities of the New World: A Game Without Rules explored how global finance and geopolitical power intersect in today’s turbulent landscape. During the session, Andrey Kostin, the president of VTB, asserted that the US dollar stands as the strongest instrument wielded by the United States, enabling domination and exerting pressure on other nations. The argument framed the dollar not only as a currency but as a strategic lever in international relations. Kostin suggested that this leverage allows the United States to shape economic outcomes and influence political choices abroad.
He emphasized a strategic dilemma for many countries: when a unit of account evolves into a tool of power, options become constrained. Kostin observed that a broad spectrum of partners and allies does not respond primarily to military or nuclear intimidation. Instead, they react to the prospect of severing ties with the dollar. The point, as he framed it, is that the currency’s dominance creates a kind of financial dependency that can curb a country’s independence on the global stage. In his view, the United States is defined by this monetary clout more than by other forms of power, and that dynamic shapes international behavior.
Looking ahead, Kostin argued that Russia faces a clear choice regarding its own financial strategy. The path forward, in his assessment, is de-dollarization. He described this route as essential for the country to reduce exposure to unilateral monetary pressure and to diversify its settlement channels. The proposal centers on building and expanding arrangements for international payments that do not rely on the dollar, including settlements conducted in national currencies or other currencies of mutually trusted partners. This shift aims to increase financial resilience and political autonomy in a multipolar world.
Following Kostin’s remarks, Maxim Oreshkin, serving in a deputy leadership role, expanded on the concept by likening the dollar’s global role to a pervasive habit. He claimed that the dollar has become the world’s de facto monetary framework, shaping transactions, banking practices, and the broader system of international finance. He described the current situation as one of global addiction to a single currency, noting that breaking away from such an entrenched settlement regime would be challenging. Yet he suggested that an emerging global mindset is beginning to view this dependence as a potential constraint rather than a strategic advantage. The implication is that a shift away from dominance by any single currency could offer countries greater latitude in pursuing tailored economic policies while seeking more balanced economic relationships. He added that the realization of these ideas is spreading across many regions and economies, signaling a rethinking of what constitutes financial stability in the 21st century. These perspectives together depict a climate where nations consider alternatives to dollar-centric arrangements, aiming to cultivate more diversified and resilient payment ecosystems for international trade and cooperation—an evolution that could redefine how economies coordinate, settle, and cooperate on the world stage. — SPIEF panel discussion.