Since the enactment of the Bretton Woods System, the US dollar has been utilized as the international reserve currency by choice due to its liquidity and stability, and the depth of US financial markets. However, the increasing risk of US economic sanctions as an aftermath of Russia’s Annexation of Crimea in 2014 and the Russo-Ukrainian War has encouraged nations such as China and Russia to establish and promote financial institutions such as the Cross- Border Inter-Bank Payments System (CIPS), System for Transfer of Financial Messages (SPFS) to bypass the SWIFT financial messaging system and promote the internationalization national currencies in the denomination of trade. This documentary analysis-based case study investigates how economic sanctions have led to de-dollarization, and how China, Russia, and other relevant actors have utilized de-dollarization and the internationalization of their currencies to hedge against exposure to economic risk with trade denomination and US treasury bond holdings as critical indicators and what implications do economic sanctions and de- dollarization have on the liberal international order. The results indicate that while the dollar’s share in global reserve currency holdings and payments has declined from its peak, a wide discrepancy exists in the location of the changes. While the challenges on the dollar caused by the current wave of de-dollarization appear to be limited in scale and cohesion regarding the extent to which each member seeks to de-dollarize, the development of alternatives to the established global financial infrastructure could function as a reliable contingency plan against the risks of economic sanctions.

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