Countries that have been sanctioned by the United States are seeking to reduce their dependence on the dollar and are switching to other currencies to settle accounts with their partners. This may affect the dollar’s role in the global economy, Free News reports, citing a review by the US Congressional Research Service.
Thus, foreign governments that have been subject to restrictive measures by the United States and their partners are actively studying and creating conditions for reducing dependence on the dollar. If countries switch to other currencies, this could have several economic consequences for the US, including higher borrowing costs.
According to the document, the dollar has become more often used by Washington to achieve foreign policy goals, including restricting access to this currency and American financial markets for Iran, Venezuela, and Russia.
Analysts also warned that the United States could face retaliatory measures.
Thus, the document says that Russia’s ban on the import of agricultural products has negatively affected the production of seafood in Alaska and the producers of pears and apples in Washington State.