US dominance in the global monetary system has led to a series of debt and financial crises, as well as lost decades for dozens of developing countries, Igor Sechin, Chief Executive Officer of Rosneft, said during the XVII Verona Eurasian Economic Forum.

"U.S. dominance in the global monetary system based on the use of fiat money has led to a series of debt and financial crises and lost decades for several dozen developing countries. The cause of these crises was large borrowings of developing countries in U.S. dollars and the subsequent devaluation of national currencies of these countries,” the head of Rosneft said during his report at the Special Session.

The decisions that resulted in the crisis were made with the participation, and often under pressure, of Western economists and international financial organizations controlled by the United States, Igor Sechin said. Rosneft CEO named the World Bank and the International Monetary Fund among them.

“It is worth noting separately that these organizations originally aimed to stabilize the currency market and fight the poverty. However, then the so-called Washington Consensus emerged within their walls, which imposed Western neoliberal fantasies on developing countries,” the head of the Rosneft said.

Rosneft Information Division
Rosneft Oil Company
December 5, 2024