The Role of the Dollar as an Instrument of Us Sanctions Policy

Автор: Chuvakhina L.G.

Журнал: Общество: политика, экономика, право @society-pel

Рубрика: Экономика

Статья в выпуске: 6, 2025 года.

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The article presents a comprehensive study of the US dollar’s role as a key instrument of sanctions policy and a mechanism for maintaining the United States’ global economic dominance. Statistical analysis confirms the dollar’s unconditional leadership in global financial transactions, accounting for 59 % of world currency reserves, 48 % of foreign exchange operations, and 54 % of international trade payments. US dollars denominate 64 % of global debt, creating unprecedented dependence of the global economy on the American currency. Methodologi-cally, the research combines statistical methods, comparative analysis, and scenario forecasting. The study thor-oughly examines the three-component infrastructure of dollar dominance (Fedwire, CHIPS, SWIFT), which provides the US with unique capabilities to control global financial flows through the correspondent account mechanism. The article analyzes Russia’s (SPFS) and China’s (CIPS) attempts to create alternative cross-border payment systems as a strategic response to American sanctions. The paradoxical effect of sanctions policy is revealed: intensive use of the dollar as a pressure instrument undermines trust in it and stimulates de-dollarization of the world economy. Special attention is paid to the examples of Iran and Russia, demonstrating both the effectiveness of dollar re-strictions in the short term and their strategic consequences, including inflation growth, isolation from financial mar-kets, and stimulation of alternative payment mechanisms. The research proposes and substantiates a typology of three possible scenarios for the transformation of global financial architecture: preservation of the dollar-centric system, gradual de-dollarization, and radical restructuring. The study concludes that the most probable scenario is gradual de-dollarization, in which the US dollar, while maintaining key positions, will gradually weaken under the influence of multipolar trends in the global economy.

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US dollar, currency hegemony, global financial architecture, financial sanctions, alternative payment systems, CIPS, SPFS, multipolarity, de-dollarization, SWIFT

Короткий адрес: https://sciup.org/149148235

IDR: 149148235   |   DOI: 10.24158/pep.2025.6.14

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