"The dollar suffered a stunning collapse in 2022 in its market share as a reserve currency, presumably due to its muscular use of sanctions," says CEO and co-CIO of Eurizon SLJ Capital.
"There is risk when we use financial sanctions that are linked to the role of the dollar that over time it could undermine the hegemony of the dollar," Yellen said, adding that implementing sanctions against Russia "does create a desire on the part of China, of Russia, of Iran to find an alternative."
Ukrainian president Volodymyr Zelensky, along with government officials and 35 generals embezzled $400 million in U.S. aid to the country, according to an estimate from the Central Intelligence Agency.
Italy has banned OpenAI's ChatGPT chatbot due to privacy concerns and lack of age verification, marking the first instance of a Western country blocking the chatbot, while experts call for a moratorium on advanced AI systems development.