Russian funds flee west while sanctions help end dollar dominance

Moscow-Russia (Mar 22)  Just the threat of sanctions let alone the reality has resulted in a flow of Russian funds out of the west. Threatening sanctions may hasten the decline of the dollar as well as changing trading patterns.
Countries that freeze the assets of others can expect that those whose assets may be frozen will simply pull out their assets and put them elsewhere. If the assets are in U.S. dollars such as U.S. treasury bonds they will be dumped, The Russian oligarchs may have already pulled out their funds since they saw the threat coming even before the Crimean referendum according to the Financial Times:

In fact, as the FT reports, in silent and not so silent preparations for what will be near-certain financial sanctions (which would include account freezes and asset confiscations following this Sunday's Crimean referendum) the sneaky Russians, read oligarchs, have already pulled billions from banks in the west thereby essentially making the biggest western gambit - that of going after the wealth of Russia's 0.0001% - moot.

Source: DigitalJournal