As Russia looks to develop a cross border CBDC, U.S. Treasury Secretary Janet Yellen responded to CNN questions this weekend about weaponizing the U.S. dollar through sanctions.
Yellen argued that sanctions are effective in limiting Russia’s revenues and depriving it of resources, forcing it to resort to North Korea and Iran for new weapons. The news comes amid reports that Saudi Arabia and the UAE are buying discounted Russian oil products.
“There is a risk when we use financial sanctions that are linked to the dollar that over time it could undermine the hegemony of the dollar, as you say,” acknowledged the Treasury Secretary, speaking to CNN. “But this is an extremely important tool that we try to use judiciously.”
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