The Role of the Dollar as an Instrument of Us Sanctions Policy

The article presents a comprehensive study of the US dollar’s role as a key instrument of sanctions policy and a mechanism for maintaining the United States’ global economic dominance. Statistical analysis confirms the dollar’s unconditional leadership in global financial transactions, accounting for 59 % of world currency re-serves, 48 % of foreign exchange operations, and 54 % of international trade payments. US dollars denomi-nate 64 % of global debt, creating unprecedented dependence of the global economy on the American curren-cy. Methodologically, the research combines statistical methods, comparative analysis, and scenario forecast-ing. The study thoroughly examines the three-component infrastructure of dollar dominance (Fedwire, CHIPS, SWIFT), which provides the US with unique capabilities to control global financial flows through the corre-spondent account mechanism. The article analyzes Russia’s (SPFS) and China’s (CIPS) attempts to create alternative cross-border payment systems as a strategic response to American sanctions. The paradoxical ef-fect of sanctions policy is revealed: intensive use of the dollar as a pressure instrument undermines trust in it and stimulates de-dollarization of the world economy. Special attention is paid to the examples of Iran and Russia, demonstrating both the effectiveness of dollar restrictions in the short term and their strategic conse-quences, including inflation growth, isolation from financial markets, and stimulation of alternative payment mechanisms. The research proposes and substantiates a typology of three possible scenarios for the transfor-mation of global financial architecture: preservation of the dollar-centric system, gradual de-dollarization, and radical restructuring. The study concludes that the most probable scenario is gradual de-dollarization, in which the US dollar, while maintaining key positions, will gradually weaken under the influence of multipolar trends in the global economy.