Grumblings about dollar dominance aren’t new. But even if Russia sanctions lead to some non-dollar trade & some crypto payments, dollar will remain a safe haven asset
In a show of remarkable solidarity, Western powers have slapped savage sanctions on Russia.
These sanctions on Russia today – and on countries like Iraq, Iran, North Korea, Venezuela and Cuba in recent years – sting because the US dollar reigns supreme over global economy and finance. More than half the global trade is invoiced in dollars and nearly two-thirds of global foreign exchange reserves and global debt are held in dollars.
These sanctions on Russia today – and on countries like Iraq, Iran, North Korea, Venezuela and Cuba in recent years – sting because the US dollar reigns supreme over global economy and finance. More than half the global trade is invoiced in dollars and nearly two-thirds of global foreign exchange reserves and global debt are held in dollars.