US dollar sanctions on Russian banks would not only damage the Russian economy, but could also affect outside investors.
could set off a domestic financial crisis and even hasten the adoption of a central bank digital currency, a former International Monetary Fund official says.
The rouble, Russia’s currency, would plunge as investors fled, and that would send the country’s inflation rate skyrocketing, he said. Edward Fishman, a fellow at the Centre for a New American Security, and Chris Miller, an assistant professor at the Fletcher School at Tufts University, have noted that Russian banks such as Sberbank, VTB or Gazprombank would probably need to be bailed out by the government.“Russia’s government would have to step in to bail out the bank and would struggle to prevent a domestic financial crisis,” they wrote in a piece for“The rouble would fall sharply against the dollar.
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