DISINFO: Anti-Russia sanctions are resulting in US default
SUMMARY
Although the US Congress suspended the debt ceiling and averted the default of the US economy, it is inevitably coming. The anti-Russian sanctions provoked a de-dollarisation around the world, and this trend is contributing to the US default. The sanctions boomerang is returning to its sender. For the larger part of the world sanctions became a reminder about the unhealthy dependence on the US dollar.
RESPONSE
Recurring pro-Kremlin disinformation narrative about backfiring Western sanctions on Russia. It is also consistent with a recurring disinformation narrative about the imminent collapse of western economies, the US economy in this case. During the debt ceiling talks in the US in the spring of 2023 disinformation sources alleged, among other things, that the war in Ukraine is a US tool to hide the financial catastrophe.
Lately, India, China, and other countries have indeed accelerated their plans to pay for commodities in non-dollar currencies. However, there is scientific consensus that talk about the "global de-dollarisation" is rather premature. See discussions about it here and here.
Despite Moscow's reiterations that US sanctions undermine the credibility of the US dollar, for the foreseeable future it will likely remain the world's dominant currency. At present, the US dollar is estimated at 88% of all international transactions while e.g. the figure for Chinese yuan is just 7%.
Following Russia’s unprovoked and unjustified full-scale invasion of Ukraine in February 2022, dozens of countries throughout the world imposed various restrictions against Russia. For instance, the EU explained that the sanctions aim at weakening Russia’s ability to finance the war and specifically target the political, military and economic elite responsible for the invasion.
Read a few earlier related cases: the EU’s economy is crumbling as a result of anti-Russian sanctions; The New York Times reports that Russia is barely affected by sanctions; Sanctions are beneficial to Russia so the West should recognise Crimea as Russian; The EU lost more from sanctions than Russia, European sanctions against Russia do not work.