An end to the dollar's global hegemony? The Kremlin sees an opportunity.

For average Russians, a small personal hoard of US dollars has always represented a place of safety amid the wild ups-and-downs that continue to beset the country's national currency, the ruble. The Trump administration has increasingly worked to weaponize the US dollar, by using its hegemonic position as the world's “reserve currency” to punish any entity or country that attempts to defy proliferating unilateral US sanctions against Russia, Iran, and China. The idea might have sounded quixotic a decade or so ago, when Russia and China first started talking about it.

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