What Russia’s fortress balance sheet can tell us about the dollar’s future

This is a guest post by Robert McCauley, non-resident senior fellow at the Global Development Policy Center at Boston University and an associate member of the Faculty of History at the University of Oxford.

What impact will the freeze of Russian central bank reserves have on the dollar’s dominance? Russia’s own attempts to fortify its balance sheet after the 2013 Crimean annexation offer some clues.

In response to the initial wave of western sanctions after the first Ukrainian…

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