China’s Global Times: If the U.S. Steals Russian Reserves, It’s the Death Knell of the Dollar

“Unilateral Sanctions Add to Evidence That It’s No Longer Safe To Hold Assets in U.S.,” Global Times author Hu Weijia wrote May 20. “U.S. credibility in the economic world was undermined by its decision to freeze Russian assets via unilateral sanctions,” Hu stated. “Even if the U.S. transfers the proceeds to Ukraine, freezing the assets has been enough to make people lose trust in the country… This adds to the evidence that the U.S. is no longer a safe place to store reserves…. If the U.S. abuses its position to use sanctions as a geopolitical tool against rivals, it will be the death knell for its financial hegemony. Sanctions on Russia’s financial system, such as the freezing of the central bank’s reserves, will probably become a turning-point for U.S. financial hegemony…. With unilateral sanctions, the U.S. is bringing the world back to the era of a lawless jungle. Now, more people are worried about the security of their assets in the U.S. If the U.S. goes a step further in seizing foreign assets, U.S. credibility will be completely broken.” (https://www.globaltimes.cn/page/202205/1266185.shtml)