15 April 2022

No more US dollars? Ukraine war could change the global monetary system of 75 years

RUDRA SENSARMA and KAUSHIK BHATTACHARYA

Russia’s invasion of Ukraine has exposed some deep fault-lines in the global economic system. By freezing half of Russia’s foreign exchange, or forex, reserves, the West has declared economic war with central bank assets as the target. Russia had amassed $640 billion in forex reserves but now finds itself left with only gold and assets in other denominations, such as the Chinese renminbi.

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