The US Treasury Secretary’s admission of the ineffectiveness of sanctions and the fall of the dollar

The US Treasury Secretary admitted that countries are looking to avoid the dollar, and if the US does not change its approach to imposing sanctions, the countries will continue de-dollarization.

The US Treasury Secretary said that his country caused the dollar to fall.

Cryptopolitan website wrote on Saturday, US Treasury Secretary Janet Yellen said in recent days in the Financial Services Committee of the US House of Representatives: America’s frequent use of sanctions as a tool of foreign policy harms the status of the dollar around the world.

Yellen stated: “Countries are moving away from the dollar and trying to protect themselves against sanctions.”

According to him, countries are using other currencies in international trade, and this weakens the position of the dollar and increases the pressure on the American economy.

He said that countries are looking to avoid the dollar, and if America does not change its approach, countries will continue de-dollarization.

The American Treasury Secretary said: “The more we impose sanctions, the more pressure we will put on these countries to diversify their foreign exchange assets.”

This website wrote that Iran-Russia relations are a clear example of moving away from the dollar, so that “Mohammed Baqer Qalibaf”, the speaker of the Islamic Republic of Iran, said that the transactions between Iran and Russia are done without dollars. So is trade between Russia and India. 

Source: Fars