Economic sanctions imposed on Russia and other countries by the United States put the dollar's dominance at risk as targeted nations seek out an alternative, Treasury Secretary Janet Yellen said.
US Treasury Secretary Janet Yellen said sanctions imposed on Russia and other countries risk undermining the hegemony of the dollarNEW YORK - Economic sanctions imposed on Russia and other countries by the United States put the dollar's dominance at risk as targeted nations seek out an alternative, Treasury Secretary Janet Yellen said Sunday.
"Of course, it does create a desire on the part of China, of Russia, of Iran to find an alternative," she told the network's Fareed Zakaria in an interview."But the dollar is used as a global currency for reasons that are not easy for other countries to find an alternative with the same properties." Yellen noted that sanctions are an"extremely important tool," all the more so when used by the United States and its allies as"a coalition of partners acting together to impose these sanctions."
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