SWIFT

“There is a risk, when we use financial sanctions that are linked to the role of the dollar, that, over time, it could undermine the hegemony of the dollar”, Yellen said in an April 16 interview with CNN. She also noted that Washington’s use of economic warfare “does create a desire on the part of China, of Russia, of Iran to find an alternative” to the dollar. Before serving as secretary of the Treasury, Yellen was the chair of the US central bank, the Federal Reserve. Her remarks represent a significant public acknowledgment by a top level US government official that its increasing use of sanctions has fueled the growing de-dollarization movement in the Global South.