The IMF announced the risk of weakening the position of the dollar due to sanctions

against RUSSIA weaken the position of the DOLLAR as the leading currency, but this is a slow process, says IMF top manager Gita Gopinath.Another consequence of the conflict between Russia and Ukraine is the growing interest in digital currencies.

Unprecedented sanctions imposed on Russia by Western countries threaten to gradually weaken the dominance of the US dollar and lead to a more fragmented international monetary system. This was stated in an interview with the Financial Times by Gita Gopinath, First Deputy Managing DIRECTOR of the International Monetary Fund (IMF).

According to her, sanctions, including restrictions on the Central Bank of Russia, may contribute to the emergence of small currency blocs, the relationship of which will be based on trade between individual groups of countries.

“The dollar will remain the main global currency even in this situation, but at a smaller level, fragmentation is certainly quite possible,” Gopinath said. That process is already underway, she said, with “some countries reconsidering the currency in which they are paid to trade.”

Russia has been seeking to reduce its reliance on the dollar for years, a process greatly accelerated by U.S. sanctions in 2014 in response to annexing Crimea, but Moscow still held about a fifth of its reserves in dollar-denominated assets held in Germany. France, Great Britain and Japan, writes FT.

Volodin proposed to increase the number of goods exported for rubles Economics