‘In the end, the USD’s centrality to the system of global payments also increases the power of sanctions it imposes on other countries or individuals. In truth, since almost all trade is done in American dollars, even trade among other countries, they can always be subject to US sanctions because they are handled by so-called correspondent banks with accounts at the Federal Reserve. By cutting off the ability to transact in USD, Washington can make it uncomfortable for those it blacklists to do business.’