"We hold a decent amount of treasury bonds – more than $200 billion – and if the United States dares to freeze accounts of Russian businesses and citizens, we can no longer view America as a reliable partner,” he said. “We will encourage everybody to dump US Treasury bonds, get rid of dollars as an unreliable currency and leave the US market.”Sooo, you sell your US Treasuries in your quest to destroy the dollar and in doing so you now no longer have ~$200 billion in Treasuries but ~$200 billion in US dollars. Now Mr. Ruskie, what are you going to by with all those greenbacks since the whole reason that you bought Treasuries to begin with wasn't out of kindness but because you did not want to buy anything else.
The hope on his part, I guess, is to drive up interest rates to the point that America would have to fully monetize it's debt and radically devalue, if not destroy, the dollar. This could only happen if they were to cause a panic since the Federal Reserve, as ZH notes, would have those Treasuries sponged from the marketplace in three months tops.