'So, 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,' U.S. Treasury Secretary Yellen said.
US Treasury Secretary Janet Yellen Acknowledges Sanctions Weaponization Could Hurt Dollar Hegemony
U.S. Treasury Secretary Janet Yellen talked about the dangers that sanctions based on the U.S. dollar might pose for the hegemony of the currency in international markets. According to Yellen, the government tries to use sanctions “judiciously,” as they can create a desire to find alternatives to the U.S. dollar.Janet Yellen, Treasury Secretary of the United States, has referred to the possible effects that continued use of sanctions could exert on the hegemony of the U.S.
Yellen recognizes that such sanctions push countries like China and Russia to seek alternatives to the U.S. dollar, in order to conduct trades even when affected by these sanctions. However, she also explained that this is no easy task due to the unique traits of the dollar. Yellen expanded on this, declaring:
We haven’t seen any other country that has the basic infrastructure – institutional infrastructure – that would enable its currency to serve the world like this.from the Bank of Russia, titled “Review of the Russian Financial Sector and Financial Instruments” reached, stating that substituting the U.S. dollar will be difficult due to the current structure of foreign trade.
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