I think you're drastically overstating it. If Russia were to unload its $100B in reserves, it could depress the value of the USD by perhaps a couple percent for a couple of days, but it would do way more damage to itself. The global foreign exchange market is measured $5.3-*trillion* *per day*(!) and there are lots of aggressive players desperately trying to profit from arbitraging a few hundredths of a penny. If they figured out that Russia was dumping $100B at a deep discount for purely political reasons, the buyers would go into a huge feeding frenzy, mitigating the decline on the USD. Immediately after Russia finished unloading, the USD would jump right back up to its true value. The main result would be that Russia would have donated billions or tens of billions of dollars of value to speculators for a very temporary impact on the value of the USD. I wouldn't even call this a Pyrrhic victory; it'd be an unmitigated loss for Russia. China could do the same thing and have a bigger impact with its $1.3T, but also a bigger loss to itself.