In 2022, following Russia's invasion of Ukraine, the United States and its allies froze hundreds of billions of dollars of Russia's foreign exchange reserves held in Western financial institutions.

The American response to Russia's February 2022 invasion of Ukraine, including sanctioning Russia, removing it from SWIFT, and freezing over $200 billion in Russian assets, undermined the US dollar's political neutrality as a global reserve currency and pushed Russia, China, and Iran towards a Eurasian trading bloc.