Sanctions Against Russia Contributed to the Dollar's Devaluation

U.S. Treasury Secretary Janet Yellen indicated that "the extraordinary measures taken by the United States and its allies against Russia have embarrassed major countries with financial reserves and raised their concerns," according to Asia Times. The Secretary explained that although the Global South cannot completely abandon the use of the dollar, most of these countries are no longer willing to operate with it. She considered that the reason for this is, to some extent, the policy followed by the BRICS group to undermine the U.S. currency. The article concluded that there is a reason for Secretary Yellen's concern over the dollar losing its role and status, as the process of phasing out the dollar from financial transactions has already begun.