When Russia invaded Ukraine in February 2022, the G7 kicked Russian banks out of SWIFT and froze approximately $300 billion in Russia’s Western reserves.

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.

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.