Gita Gopinath, first deputy managing director of the International Monetary Fund (IMF), has warned of a gradual decrease of the dominance of the US dollar in the world financial systems after the unprecedented financial sanctions imposed on Russia after its incursion in Ukraine. The sanctions, from restrictions on Russian banks to measures targeting its economy, imposed by Western nations, could cause a more fragmented international monetary system. “The dollar would remain the major global currency even in that landscape, but fragmentation at a smaller level is certainly quite possible,” Gopinath told the Financial Times. “We are already seeing that, with...