Hdeel Abdelhady was quoted in American Banker, on Russia and Brics nations’ efforts to develop U.S. dollar cross-border payments alternatives, including considering U.S. sanctions.
Hdeel Abdelhady shared her insights with PaymentsSource on a Russia-led effort to build a non-U.S. dollar payments system, to insulate against U.S. sanctions and U.S. control more broadly. Ms. Abdelhady has for years worked on the U.S.-dollar and financial system links to U.S. sanctions enforcement jurisdiction. Her work on the topic of U.S. dollar and financial system tied legal jurisdiction has been quoted, leveraged, and consulted frequently in the United States and abroad.
U.S. dollar dominance in global transactions facilitates the extraterritorial reach of U.S. law, including sanctions and anticorruption laws. The FIFA case is highlights the links between dollar dominance and legal jurisdiction.
American economic and financial heft facilitates the extraterritorial reach of U.S. law. For example, global transactions that are denominated in U.S. dollars and processed through the U.S. financial system “touch” the United States, come within its jurisdiction and create a jurisdictional nexus to foreign parties, property and events associated with those transactions.