Jim O’Neill: Will sanctioning Russia upend the monetary system?

Are we witnessing a further consolidation of US power through the dollar-dominated system, or will this episode set the stage for the kind of monetary and financial fragmentation that some analysts have long anticipated?

The West has implemented severe economic and financial sanctions against Vladimir Putin’s regime. Picture: Getty

The savage fighting in Ukraine has led many to wonder whether Russian President Vladimir Putin’s supposed strategic brilliance is all that it was chalked up to be. Though Putin anticipated that Nato wouldn’t respond militarily to his war, he seems to have underestimated the West’s capacity for solidarity. The United States and its allies and partners have already implemented unprecedently severe economic and financial sanctions against Putin’s regime, and the decision to block Russia’s central ...