from Western Journalism:
iving in Moscow, I’ve seen first-hand the seething anger over punitive economic sanctions and the American use of its current financial hegemony to make life tough for money-in-motion in the former Soviet Union. The Russians have a love-hate relationship with the dollar. Historically, they have seen the currency as a safe haven of value and hoarded dollars every chance they could in an attempt to maintain their wealth. Now with everything American being thrown under the bus, the dollar is out of favor.
The threats of further sector-wide sanctions, which would have devastating, short-term effects on the Russian economy, will only hasten the fall of the dollar as a vehicle for trade settlement and a store of value in non-Western countries. The Russians are a clever people; and over time, they will figure out a way to get out from under American financial pressure.
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