Trump advisers discuss sanctions for countries that move dedollarization

Donald Trump advisers are looking for ways to counteract the process of dedollarization in the world – the refusal of countries to use the dollar to reduce its influence.

Among the measures discussed are fines for countries actively seeking ways to use other currencies in bilateral trade, export controls, as well as fees for currency manipulation and tariffs.

The fight against the dominance of the dollar in the financial system intensified in 2022 after the United States imposed harsh economic sanctions against Russia along with the G20 countries. This week, US President Joe Biden signed a law giving him the authority to confiscate Russian assets in dollars.

The fight against the dollar is led by the BRICS countries (Brazil, Russia, India, China and South Africa), which discussed dedollarization at a summit last August. Important oil-producing nations, such as Saudi Arabia and the United Arab Emirates, have also been extended invitations to join the organization.