- Countries are attempting to divest from the U.S. dollar as sanctions dig into Russian and Iranian economies, with the yuan, ruble and other currencies emerging as alternatives.
- Russia has found new buyers for its coal and petroleum exports in non-dollar denominated currencies, keeping its economy afloat despite sanctions.
- “The current round of turbulence is likely to increase interest” and “momentum in the creation of a rival reserve currency or currencies to help supplant the oversized role of the dollar,” Anthony Kim, a research fellow at the Heritage Foundation, told the Daily Caller News Foundation.
Russia, China and other countries have escalated efforts to ditch transactions made with U.S. dollars in 2022, helping them bypass Western sanctions and keep their economies afloat.
Since Western countries levied heavy sanctions on Russia in punishment for its invasion of Ukraine, India has increased its imports of Russian…
