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IMF warns Russia sanctions can chip away dollar dominance: Report

Financial sanctions imposed on Russia threaten to gradually dilute the dominance of the U.S. dollar and could result in a more fragmented international monetary system, IMF's Gita Gopinath said

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Gita Gopinath

2 min read Last Updated : Mar 31 2022 | 11:06 AM IST

Financial sanctions imposed on Russia threaten to gradually dilute the dominance of the U.S. dollar and could result in a more fragmented international monetary system, Gita Gopinath, IMF's First Deputy Managing Director, told The Financial Times.

Russia has been hit with a plethora of sanctions from the United States and its allies for its late-February invasion of Ukraine. Russia has called the invasion a 'special operation' to disarm its neighbour.

"The dollar would remain the major global currency even in that landscape but fragmentation at a smaller level is certainly quite possible," Gopinath told the newspaper in an interview, adding that some

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Topics : Gita Gopinath IMF Russia Ukraine Conflict US Dollar United States

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