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Sanctions by 'trigger-happy' U.S. may push countries away from the dollar, security expert says
By Abigail Ng
CNBC, New York
Monday, March 21, 2022
The U.S. has been "extremely trigger-happy" with stinging economic measures, and central banks may decide to diversify their portfolio of foreign reserves instead of relying heavily on the U.S. dollar, according to the co-director of the Institute for the Analysis of Global Security.
"Central banks are beginning to ask questions," said Gal Luft of the Washington-based think tank, adding that they are wondering if reliance on the dollar and "putting all their eggs in one basket" is a smart idea.
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"The United States has extended itself, has been extremely trigger-happy when it comes to the use of sanctions and other economic punishments," he said.
The White House did not respond to a CNBC request for comment.
Luft said the U.S. took "unacceptable and unheard-of steps" in recent weeks, such as effectively freezing Russia’s central bank reserves and disconnecting Russia from the interbank messaging system, SWIFT.
He said one in 10 countries in the world is under some form of U.S. sanctions.
"That has a cumulative effect and as a result, we see the dollar playing less and less of a role and portfolios of central banks," Luft said. ...
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