US sanctions have forced some countries to seek alternatives to the dollar

The head of the US Treasury acknowledged that sanctions were motivating countries to seek alternatives to the dollar. She also noted a “slight increase in other reserve assets” around the world.

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The restrictive measures imposed by the United States are forcing the countries which have fallen under them to look for alternatives to the dollar. This was stated by U.S. Treasury Secretary Janet Yellen.

She was asked whether the U.S. should be more thoughtful about imposing restrictions so as not to “create paranoia” and force others to abandon the dollar.

“It is true that when we impose sanctions <…> countries who fear that these sanctions will be levied against them are forced to look for instruments other than the dollar to transact. So we have to put up with this. It is much harder to find other instruments to make payments in their currencies when we work together with our [allies and partners],” replied the head of the financial authority.

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US sanctions have forced some countries to seek alternatives to the dollar