Economist Jeffrey Sachs describes US sanctions as “absolutely incorrect” and a violation of international law.

The United States has weaponized the dollar rather than use it as an exchange medium or a “store of value”, Jeffrey Sachs, a public policy analyst and award-winning economist, said.
Sachs made his remarks via video-link during a BRICS meeting of finance ministers and central bank governors held in Moscow to discuss the development of the global monetary and financial system, where he said that the US is weaponizing the dollar by seizing Russian assets, as well as freezing Iranian, Venezuelan, Afghan, and other state funds.
According to Sachs, the dollar cannot be utilized for payments when a president can unilaterally sign orders and essentially take billions in Russian assets, thereby turning the currency into a tool for a more aggressive form of policy.
“I’ve said to my own government for the last 15 years ‘Stop doing it, this is crazy, it will destroy trust in the dollar.’ You can’t go on with the system like this, it’s not just Russia,” he remarked.
He further noted that China aims for normal trade without the risk of US sanctions. However, even though Chinese banks are part of the SWIFT system, they must comply due to the fear of being excluded from the international financial network.
Sachs then asserted that alternatives are needed, suggesting that “countries need non-dollar payment mechanisms. We are going to need some quick, special-vehicle entities that are not also engaged in the dollar payment systems… entities that cannot be directly sanctioned…”

Al Mayadeen