US Sanctions on Russia Similar to Planting a ‘Bomb Under the Dollar,’ Says Russian Analyst

The United States’ sanctions against Russia are undermining assurance successful the U.S. dollar and whitethorn unit different countries to ditch the currency, a Russian fiscal expert has said. The expert said contrary to the West expectations, the sanctions against Russia person failed to destruct its economy.

Russia’s Frozen Assets

According to Alexander Razuvaev, a Russian economist and fiscal analyst, the United States sanctions argumentation against Russia volition undermine the dollar’s presumption arsenic the satellite reserve currency. Razuvaev cited the U.S. plans to transportation Russia’s frozen assets to Ukraine arsenic an illustration of Washington’s actions that whitethorn effect successful much countries dumping the greenback.

In his remarks published by a section publication, the fiscal expert besides referred to the U.S. Federal Reserve involvement complaint hikes arsenic different enactment that is undermining the dollar’s reserve currency status. To antagonistic these acts, Razuvaev suggested that Russia should treble down connected its ongoing effort to wean itself from the dollar-dominated fiscal system.

Sanctions Have Failed to Destroy the Russian Economy

Razuvaev predicted that countries similar Turkey and Azerbaijan are apt to travel successful China’s footsteps and whitethorn adjacent settee trades utilizing the integer ruble. According to the analyst, China has been dumping American bonds and paying for Saudi Arabian lipid with its currency.

After Russia invaded Ukraine successful February 2022, Western countries led by the U.S. responded by imposing economical sanctions connected Moscow. In addition, billions of dollars of Russian wealth held successful overseas banks were frozen successful what was seen arsenic the West’s effort to weaken Russia. However, contempt the sanctions and plus freeze, Russia has continued its warfare against Kyiv, raising questions astir the effectiveness of the punishment meted retired truthful far.

Meanwhile, Razuvaev is besides quoted successful the aforesaid study explaining his thoughts connected the interaction of the sanctions and however they person failed to destruct the Russian economy.

“America’s actions undermine the authorization of the dollar; they inflicted the strongest stroke connected their own. We volition spot this successful golden prices if they emergence sharply. The United States, I think, was counting connected the demolition of the Russian system wrong 3 to 4 months, and past wanted to instrumentality the assets,” Razuvaev said.

He besides intimated that the United States’ stance against Russia is akin to planting a weaponry nether the dollar.

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