In the wake of the Russia-Ukraine war, the United States and its allies imposed sanctions on Russia, restricting its imports of goods and the export of its own goods. In addition, it also froze Russian assets in European and American banks, excluded the status of Russian banks in the global SWIFT payment system, and made Russia kicked out of the dollar settlement system. However, surprisingly, RussiaEconomyIt did not collapse as expected, but continued to grow strongly despite sanctions. At the same time,European and American countriesofEconomyThe situation is not optimistic, with GDP shrinking in Britain and Germany, and GDP growth in France is far less than in Russia. This situation raises the question of why Russia has been able to grow strongly despite such a tough sanctions regime.
To understand the Russian industryEconomyThe reason for the non-collapse first needs to understand the background of the hegemony of the dollar. In the 70s of the last century, the United States compared the dollar with the worldCommoditiesTransactions are tied together, taking the place of ** in the global currency circulation. Over the years, globallyCommoditiesof imports and exports rely mainly on the US dollar for settlement, and the United States, the maker of this rule, only needs to direct the Federal Reserve to constantly print dollars to reap the benefits of other countries while engaging in **. It can be seen that the United States indirectly controls global commodity trading through the hegemony of the dollar, and has made huge gains.
However, the sanctions that kicked Russia out of the dollar settlement system do not seem to have had the desired destructive effect on Russia. This may be due to the fact that back in 2018 Russia planned to use rubles for settlements in order to get rid of dependence on the dollar. The imposition of sanctions allowed Russia to immediately demonstrate its own plans for settlement in rubles. Through ruble settlement, Russia's import and export of goods can still be carried out normally, and the dependence on the US dollar is extremely low. In addition, Russia has a large number of domestically locatedOiland gas resources, while European countries against RussiaOilIt is deeply dependent on natural gas. Therefore, after the start of the sanctions, news came one after another about the lack of gas in European countries and the cold suffered from the lack of gas in winter. In this context, India took the lead in using ruble settlements to acquire Russian ones at low pricesOiland natural gas resources, which were then resold to Europe, from which huge profits were made. Other countries saw the opportunity and followed suit and started to cooperate with Russia. This allows Russia to remain under sanctionsEconomyNormal operation, and in the context of the global shortage of gas, a greater benefit was obtained.
Overall, the United StatesSanctions against RussiaThe action is completely more than worth the loss. The sanctions did not have the desired effect, but showed that the hegemony of the dollar is not unshakable. Russia's success in breaking the spell of dollar hegemony has set an example for other countries and demonstrated the breakability of dollar hegemony. The United States has a lot to lose in this sanction, while Russia has not been significantly affected. This shows that the United States is overestimating itselfInternationalstatus, excessive superstition of hegemonic power, failure to recognize the situation in time. InGlobalizationWhen trends are clear and countries are intertwined, the rupture of one node does not have much of an impact. All countries should recognize the situation in a timely manner and join inGlobalizationThis is a necessary move for the development of all countries, and the United States is no exception.
In general, the US sanctions against Russia failed to achieve the desired goal, but were instead broken by Russia to break the spell of dollar hegemony. This situation, while surprising, also gives us some lessons, namely:GlobalizationThe trend is developingInternationalThe landscape of relationships is changing. All countries should have a clear understanding of the situation in a timely manner, conform to the trend of the times, and strengthen cooperation and exchanges to achieve common development and prosperity.