According to him, the dollar may lose the status of a universal currency due to restrictive measures against the Russian Federation.
“Economic sanctions, which are easily imposed but rarely lifted, can ultimately jeopardize the role of the dollar as the world’s reserve currency,” the author believes.
The material says that after the collapse of the dollar, the States are unlikely to be able to pay the country’s growing public debt. As Joffe explained, today many states are already working on creating alternative mechanisms that bypass the weakening US national currency.
The observer also stressed that the Western sanctions against the Russian Federation are associated with significant costs, but the US authorities continue to approve them in order to show the world their activity against the backdrop of the Ukrainian crisis. He urged the White House to cut “obsolete restrictions.”