Will Washington’s punitive sanctions against Russia end up forcing states to consider alternatives to the dollar-based financial system?
Finance and geopolitics are often considered a toxic mix. Nearly two weeks in, Russia’s war in Ukraine is taking that mix to new levels of both toxicity and consequence.
The scope of sanctions has demonstrated the web of transnational interdependencies that constitute the fabric of every contemporary society, said Mikhail Sebastian, a London-based political risk analyst. Now those central banks are now refusing to make good on them. “Russia thought they had billions of foreign reserves. Now, they don’t.”
Sebastian thinks such an escalation is likely forcing central banks, oligarchs, and even normal investors to rethink their assumptions around the nature of money. He believes the use-case for decentralised digital assets like cryptocurrencies will get a stronger look too.
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