AnalysisEconomy / Finance

U.S. Treasury Secretary Acknowledges Sanctions on Russia Contributes to De-Dollarization


U.S. Treasury Secretary Janet Yellen acknowledged that economic sanctions against countries like Russia could undermine the dollar’s hegemony in the global economy. She admitted that sanctions do “create a desire on the part of China, of Russia, of Iran to find an alternative [in the exchange market].” “There is a risk when we use financial sanctions that are linked to the role of the dollar that over time it could undermine the hegemony of the dollar,” Yellen said in an interview with CNN. She claimed that the U.S. only uses the dollar as a tool “judiciously,” a blatant lie as…

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