Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions raise questions about the US dollar’s central role
The US and other developed nations imposed a set of sweeping financial sanctions on the Russian economy following Russia’s invasion of Ukraine on February 24. These effectively froze around 50% of the country’s $630 billion international reserves portfolio. Additionally, it prevented some of the country’s banks from using the global financing messaging system Swift. International assets of leading businessmen and officials close to the Kremlin were also seized. In this way, the so-called
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