Russia GDP is now estimated at +3.8 percent, topping the US, despite sanctions. What’s going on?

Financial sanctions are ultimately not as successful as their advocates once believed because money is not a natural global monopoly. International banks are certainly susceptible to US dollar sanctions. But not all banks in the world operate in dollar markets. The use of secondary sanctions has become a first-order instrument in the US’s diplomatic toolkit in this century. But it falls into the category of instruments which lose their value the more you use them. Even amongst US economists, we see a lot of complacency about this. It was friction combined with network effects that favoured the emergency of a single dominating currency – the pound sterling, the dollar later. The danger to the dollar is not the euro, or renminbi. It is that micro-channels are becoming viable as technology reduces the frictions.

The more you depend on sanctions, the less they work.

That’s the real risk to the dollar.

https://www.zerohedge.com/economics/danger-dollar-isnt-euro-or-yuan