American dollar. File photoMOSCOW, April 25US President Joe Biden's unprecedented sanctions policy against Russia could lead to an undermining of the dollar's global dominance, columnist Branko Marcetic wrote in an article for Jacobin. The author noted that such concerns are expressed from the IMF to the investment bank Goldman Sachs. In his opinion, the decision of the American leadership to introduce restrictive measures against Moscow could turn into a strategic mistake for Washington. “It will be extremely ironic if it inflicts the biggest blow to this system (led by the dollar. — Approx. Ed.) It inflicts on itself,” Marcetic believes. The publicist noted that the United States could lose the privilege that allowed it to import more than it exported without the risk of a collapse in the exchange rate or rising interest rates. «Experts believe that the extreme measures taken by Washington in an attempt to punish Russia for actions in Ukraine have increased the desire of other countries to stop being dependent on the US dollar, as well as on the financial system that it supports,” the author emphasized. dependence on dollars as a reserve asset or on financial infrastructure at the head of the US And it makes them vulnerable in case of geopolitical changes.
Sanctions began to devour their creatorsRussia launched a military operation in Ukraine on February 24. In response, Western countries imposed large-scale sanctions against Moscow, which primarily affected the banking sector and the supply of high-tech products. Individual brands announced the cessation of work in the country. The Kremlin called these measures an economic war, the likes of which have never been seen before. The authorities declared their readiness for such a scenario and assured that they would continue to fulfill social obligations. The Central Bank is taking measures to stabilize the situation in the foreign exchange market. The authorities also announced the transfer of payments for gas supplies to unfriendly countries into rubles. The government has prepared a plan to counter sanctions, which includes about a hundred initiatives. The volume of its funding will be about a trillion rubles.
