Putin has claimed that the credibility of dollar and euro has been destroyed as a result of sanctions imposed by the West On Russia.
It is becoming increasingly apparent that isolating Russia and totally cutting it off from the global economy is not going to be easy.
According to geopolitical researcher Brian Berletic, US Treasury Secretary Janet Yellen recently declared that the dollar has no major rivals in the globe, but that assertion could be “wishful thinking” on Washington’s behalf. On the contrary, US sanctions on Russia could speed up dedollarisation and help the rise of Yuan.
There are sanctions critics who believe that inflicting economic hardship on a country might have unexpected repercussions. At a time when sanctions are in the spotlight more than ever, the history of US sanctions on Russia in a visualized manner is something worth taking a look at.
Russian President Vladimir Putin announced fresh initiatives on Wednesday to help Russian citizens cope with rising costs, unemployment, and supply challenges linked to sanctions. This is just one of the few aspects of what is Russia’s sanctions survival plan that we could see in action in the next few months.
Some US policymakers and pundits are declaring that Russia—and its population—are cut off from the rest of the world. For example, political scientist Nina Khrushcheva has declared “Russia is hated by the rest of the world” and that “Russia is the global enemy.” The New York Times concludes Russia is
Due the sanctions that where placed on Russia after the attack of Ukraine by the West and western firms leaving the nation, Putin has now threatened to arrest officials of Coca-Cola, IBM, McDonald’s, Procter & Gamble and other foreign companies.
Despite Western efforts to alienate Moscow via sanctions, India might bail out Russia by accepting an offer to purchase crude oil as well as other goods at a bargain.
the U.S. doesn’t only project power across the globe through its massive military. It also weaponizes the U.S. dollar, using its economic dominance and its privilege as the issuer of the reserve currency as a carrot-stick tool of foreign policy.