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Financial warfare: will there be a backlash against the dollar?

The sanctions freezing Russia’s foreign currency reserves have created an incentive for countries to bypass the US currency

This is the second part of a series on the weaponisation of finance

Two weeks after Russian tanks rolled into Ukraine, South African president Cyril Ramaphosa held a phone call with Russia’s Vladimir Putin. On the same day, European leaders meeting in Versailles warned democracy itself was at stake. Yet Ramaphosa struck a very different tone.

“Thanking His Excellency President Vladimir Putin for taking my call today, so I could gain an understanding of the situation that was unfolding between Russia and Ukraine,” he wrote on Twitter. Ramaphosa, who has blamed Nato expansion for the war, said Putin “appreciated our balanced approach”.

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