Biden's Destructive Russia Sanctions Are Destroying Decades-Long Dominance Of Dollar As World's Reserve Currency

  Specifically, the policies of financially isolating Russia are creating a bifurcated world that the United States will no longer dominate.

In the process, he is ensuring that the U.S. dollar will no longer reign as the world's reserve currency - which is going to lead to a collapse of our economy when countries stop buying our debt.

"U.S.-led international sanctions on Russia have begun to erode the dollar's decades-old dominance of international oil trade as most deals with India - Russia's top outlet for seaborne crude - have been settled in other currencies," the report this week began.

The dollar's dominance has been challenged from time to time, but it has persisted due to the undeniable benefits of utilizing the most universally recognized currency for commercial purposes.

India's oil trading, prompted by the upheaval of sanctions and the conflict in Ukraine, presents the most compelling proof to date of a move towards alternative currencies that could have long-term implications, the report continued.

Following the imposition of an oil price ceiling on Russia by a coalition opposing the war on December 5th, multiple sources from the oil trading and banking sectors have disclosed that Indian purchasers have been utilizing non-dollar currencies, such as the United Arab Emirates dirham and, more recently, the Russian ruble, to pay for the majority of Russian oil.

If the dollar loses its global reserve currency status, it would have a significant impact on the United States and the world economy.

https://noqreport.com/2023/04/04/bidens-destructive-russia-sanctions-are-destroying-decades-long-dominance-of-dollar-as-worlds-reserve-currency/