Shadow Currencies: How Sanctions Create New Financial Empires
For decades, the U.S. dollar has served as the backbone of global commerce — the unit of account for oil, trade, and debt. Yet in the shadow of intensifying sanctions regimes, a parallel architecture is emerging. From Moscow to Tehran to Beijing, nations sidelined from the dollar system are stitching together alternatives: bilateral currency swaps, crypto-based settlements, and state-backed digital coins. What was once fringe experimentation is hardening into shadow currencies — and with them, the outlines of new financial empires.
Shadow Currencies: How Sanctions Create New Financial Empires Read More »










