How ‘Sanctions Overreach’ Could Undermine the U.S. Dollar’s Dominance

A man walks past a poster showing a U.S. dollar outside an exchange office in Cairo, Egypt, Aug. 17, 2016 (AP photo by Amr Nabil).
A man walks past a poster showing a U.S. dollar outside an exchange office in Cairo, Egypt, Aug. 17, 2016 (AP photo by Amr Nabil).
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It didn’t come as much of a surprise to most observers when, at a press conference on the sidelines of a BRICS summit in July 2018, Russian President Vladimir Putin took a moment to criticize the United States’ decision a few months before to further tighten financial sanctions on Moscow. Putin explained that the move, which came in retaliation for Russia’s interference in the 2016 U.S. presidential election, was “a big strategic mistake,” because it “undermines confidence in the dollar.” Later that summer, Russian Foreign Minister Sergey Lavrov echoed his boss, insinuating that Washington’s increasing use of financial sanctions would […]

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