Financial sanctions imposed on Russia over its invasion of Ukraine may result in reduced dominance of the U.S. currency, according to a high-ranking official at the International Monetary Fund . The confrontation could lead to fragmentation of the world’s current monetary system, the top representative warned.Russia’s decision to invade Ukraine has been met with waves of Western sanctions that have limited Moscow’s access to its foreign currency reserves and the global financial market.
Speaking to the Financial Times, the top IMF official also warned that the restrictions, including those on the Central Bank of Russia, could encourage the emergence of small currency blocs based on trade between groups of nations. Gopinath, nevertheless, predicted that the greenback would remain the world’s major currency but didn’t rule out a fragmentation at a smaller level. She elaborated:
We are already seeing that with some countries renegotiating the currency in which they get paid for trade. The Russian Federation has been trying to reduce its dependence on the American currency for years, especially after the United States imposed sanctions over the annexation of Crimea in 2014.
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Is it possible this was part of Putin's planned outcome of the invasion? If so, China and Russia are playing chess and we're playing tic tac toe.
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