![Unintended consequences: Sanctions on Russia hurt US dollar dominance Unintended consequences: Sanctions on Russia hurt US dollar dominance](https://mtic.us/wp-content/uploads/2014/08/russian-sanctions-dollar-dominance.si_-310x168.jpg)
The US dollar, the dominant global currency since 1944, may lose some of its luster due to the American-led sanctions against Russia over the turmoil in Ukraine. The greenback has been fading in favor since the global financial crisis in 2008.
The US-led sanctions against Russia may have backfired on the US because it threatens to “hasten a move away from the dollar that’s been stirring since the global financial crisis [in 2008],”