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Jim O'Neill

Will sanctioning Russia upend the global monetary system?

Few moves have raised the stakes in the global money system more than the West’s action to freeze Russia’s foreign currency reserves.

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 NATO wouldn’t respond militarily to his war, he seems to have underestimated the West’s capacity for solidarity.

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Jim O’Neill was chairman of Goldman Sachs Asset Management and former commercial secretary to the UK Treasury.

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    Original URL: https://www.afr.com/policy/economy/will-sanctioning-russia-upend-the-global-monetary-system-20220323-p5a7c3