Will U.S. Sanctions Be ‘Suicide of the Dollar?’ Spanish Newspaper Asks

A Spanish newspaper columnist has suggested that sanctions imposed on Russia over the ongoing invasion of Ukraine could threaten the position of the U.S. dollar as the world’s most popular reserve currency.

Journalist Rafael Poch argued in an op-ed for weekly newspaper CTXT on March 26 that the decision to freeze the Central Bank of Russia’s dollar assets could hasten the decline of the dollar as the reserve currency of choice.

Poch asked if recent U.S. moves amounted to “the suicide of the dollar,” in remarks that echo recent concerns about the trajectory of the U.S. currency as many nations are seeking to move away from their reliance on it.

The U.S. and its allies have imposed heavy sanctions on Russia since the country launched an invasion of Ukraine on February 24, but Poch, a former correspondent for La Vanguardia newspaper in Moscow, Beijing and Berlin, singled out a decision to cut off the Central Bank of Russia’s access to around $300 billion in…

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