Russia is driving other countries away from the US dollar

The latest swell of dedollarization really gained steam after the U.S. levied harsh financial sanctions against Russia for invading Ukraine. Russia, its allies and economic partners have gone as far as discussing creating a brand new currency to combat dollar dominance.

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As the current world reserve currency, the U.S. dollar is at the center of the vast majority of global transactions.

But those sanctions have in turn spurred renewed desires by some nations to move away from the U.S. dollar.

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