Last Update: April 17, 2023, 02:03 IST
Yellen said that sanctions are an extremely important tool, especially when used by the United States and its allies as a coalition of partners working together to enforce these sanctions. (Image: Janet Yellen/Twitter)
He added that strong US capital markets and the rule of law are “essential to a currency that is going to be used for transactions on a global scale.”
Treasury Secretary Janet Yellen said on Sunday that economic sanctions imposed by the United States on Russia and other countries put the dollar’s dominance at risk as targeted nations look for an alternative.
“When we use financial sanctions attached to the role of the dollar, there is a risk that over time it could undermine the hegemony of the dollar,” Yellen said on CNN.
“Of course, it creates a desire to find an alternative to China, Russia, Iran,” the network’s Fareed Zakaria said in an interview. It is not easy to find an alternative with similar qualities for other countries.”
He added that strong US capital markets and the rule of law are “essential to a currency that is going to be used globally for transactions.” currency to serve the world like this.”
Yellen said that sanctions are an “extremely important tool”, especially when used by the United States and its allies as a “coalition of partners working together to enforce these sanctions”.
Asked about the possibility of using frozen Russian assets to rebuild war-ravaged Ukraine after Moscow’s invasion, Yellen said that “Russia should pay for the damage it caused.”
But he added that “there are legal constraints on what we can do with the frozen Russian assets, and we are in discussions with our partners about what might happen in the future.”
read all latest business news, tax news And stock market update Here
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
