Abstract
Russia’s invasion of Ukraine has brought a muscular response from the United States, the European Union and the members of the North Atlantic Treaty Organisation in support of Ukraine. It has, for the first time in such a conflict, been accompanied the imposition of an unprecedented range of financial sanctions. This “weaponization” of currencies raises both challenges, and opportunities for the EU as the digitalization of finance accelerates globally, raising question marks over the dominant role of the U.S. dollar in international geo-politics.
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