The sanctions just keep right on coming: Last week, the U.S. Treasury said it’s applying them to 21 “entities” and 13 individuals connected to the Russian tech sector, the idea being to prevent that country from accessing advanced technology from the U.S.
This is on top, of course, of blocking Russia from the SWIFT system of interbank messaging, freezing the assets off Russia’s central bank and a long list of other sanctions on Russian banks and businesses.
Now, one reason the U.S. levied these sanctions is because it could. The U.S. dollar is the most widely used currency internationally and the U.S. financial system touches just about every corner of the globe.
But could actions by the U.S. end up hastening the arrival of the day when those things are not as true and the U.S. doesn’t have as much power to actually impose worldwide sanctions?
The dollar can be found far…