Andrey Melnichenko, founder of fertilizer producer EuroChem, shared in an extensive interview with American journalist Tucker Carlson that US sanctions policies are likely to erode the longstanding dominance of the dollar in the global economy.

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Published on Carlson’s YouTube channel, the nearly two-hour discussion covered various topics, prominently including the Western sanctions imposed on Melnichenko over his involvement in the Ukraine conflict. Alongside his wife, he was blacklisted by the US, EU, UK, and Switzerland in 2022.

Melnichenko described himself as “collateral damage” in a broader geopolitical conflict and warned that traditional institutions, including the dollar as the world’s reserve currency, could diminish due to these sanctions.

Highlighting global trends, Melnichenko noted that the process of de-dollarization is gaining momentum. He pointed out that over 50% of China’s foreign trade is now settled in currencies other than the dollar, a significant shift from a decade ago when the US currency dominated 90% of China’s cross-border trade.

Reflecting on Russia’s experience, Melnichenko observed a similar decline in dollar reliance, with the currency now accounting for only about 14% of exports and imports. He predicted a broader global shift away from dollar hegemony as a consequential outcome of ongoing sanctions.

Anticipating a new multipolar world order, Melnichenko suggested that the dominance once held by the United States will evolve, with China emerging as a formidable global power alongside other significant players.

In summary, Melnichenko’s insights underscored a transformative period where geopolitical tensions and sanctions are reshaping global economic dynamics, potentially diminishing the dollar’s role as the preeminent world currency.