The International Monetary Fund (IMF) has warned that financial sanctions imposed on Russia threaten to dilute the dominance of the U.S. dollar gradually and could result in a more fragmented international monetary system.

According to a Financial Times report, the IMF’s First Deputy Managing Director Gita Gopinath said, “The dollar would remain the major global currency even in that landscape but fragmentation at a smaller level is certainly quite possible.”

Her comments came amid the recovery of the Russian ruble against the dollar at the end of March, following a drastic collapse earlier this month — raising questions about the sanctions’ impact.

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Readers Bureau, Contributor

Edited by Jesus Chan

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