The Russia–Ukraine War could trigger a fragmentation in global payment systems, deputy head of the International Monetary Fund (IMF) Gita Gopinath said during a March 22 virtual discussion, indicating a possible global shift away from the U.S. dollar. “What we are seeing around the world is increasing fragmentation of payment systems that probably will further increase following this war,” Gopinath said in the discussion broadcast on the IMF YouTube channel. “We know that energy trade will never look the same again after this war. And we are likely to see some countries reconsidering how much they hold of certain currencies in their reserves. So, fragmentation is indeed an important concern,” Gopinath said. However, she added that the sanctions on Russia and related events do not indicate any “imminent demise” of the U.S. dollar. Gopinath pointed out that currencies tend to have “complementary roles.” For instance, they have a role as …