Elon Musk has warned that in “weaponizing” the dollar as a means of damaging the national economy of Russia by stymying its ability to conduct international trade settlements through sanctions, the United States has “overplayed” its hand and driven more countries around the world to slash the number of transactions they perform using the currency.

On Monday, during a Twitter Spaces session hosted by American entrepreneur David Sachs, Musk said, “You’re now seeing a lot of countries de-dollar their transactions because we’ve forced it. And this goes beyond even Russia, China, and Iran.”

Musk highlighted how the switch being made toward national currencies by many countries, such as the BRICS alliance of developing nations, was not a choice made by these nations, but was rather an option they were forced to pursue after the West chose to impose sanctions on Russia over the conflict in Ukraine.

He said, “Countries like Brazil or India still want to transact with Russia. They can’t do it with dollars, so we’ve forced them to de-dollarize their transactions, thus weakening the strength of the dollar in the world.”

After sanctions effectively blocked Russia from utilizing Western financial systems, many nations which traded with Russia were forced to use alternatives to continue to trade for items they needed from Moscow.

Musk is just the latest in a long line of economist who warned that the the dominance of dollar-based financial systems would combine with the aggressive US foreign policy seeking to leverage it, and it would force nations to abandon dollar-based cross-border transactions and move to local currencies to settle trade obligations.