The end of the U.S. dollar’s dominance is near as China’s yuan rises and the rest of the world sees the dangers of a failed Western attempt to bring Russia to its knees over Ukraine, one of Moscow’s most powerful bankers told Reuters.

Andriy Kostin, CEO of VTB, Russia’s second-largest state-owned bank, said the crisis had led to radical changes in the world economy, undermining globalization just as China assumed the role of a global economic power.

Asked if he believed the world was in a new Cold War, Costin said it was a “hot war” that was more dangerous than the Cold War.

The United States and the European Union stand to lose out from their actions to freeze hundreds of billions of dollars in Russian sovereign assets, he said, as many countries switch to making payments in currencies other than the U.S. and the euro and China moves to lift the currency cap.

“The long historical era of dominance of the US dollar is coming to an end,” Kostin, 66, told Reuters from the 59th floor of the glittering VTB skyscraper overlooking southern Moscow. “I think it’s time for China to gradually lift currency restrictions.”

“China understands that it will not become the No. 1 economic power in the world if it keeps its yuan as a non-convertible currency,” Kostin said.

The US dollar has dominated since the early 20th century, when it overtook sterling as the world’s reserve currency, although JPMorgan said this month that the global economy is showing signs of de-dollarization.

VTB, according to Kostin, is discussing the use of the yuan in deals with third countries.