Dying dollar? How the role of the US currency is becoming more limited

The invasion of Ukraine in February 2022 prompted the US treasury department to impose unprecedented sanctions on Russia, to hold it "accountable for its premeditated and unprovoked invasion". The aim was to prevent Russia from "prop[ing] up its rapidly depreciating currency by restricting global supplies of the rouble and access to reserves that Russia may try to exchange to support the rouble". In other words, Russia wouldn't be able to sell enough US dollars in the foreign exchange market to buy up Russian currency and bolster its value. Indeed, US secretary of the treasury Janet Yellen called this an "unprecedented…