Replacing the dollar necessitates not only a rival currency but also an equally robust financial market, trusted institutions, and an ecosystem of banks, investors & payment infrastructure.
USD has been the world’s reserve currency for over 75 years, but many nations are now seeking to trade in local currencies to reduce costs, avoid sanctions & reshape global financial system.
The West blocked access to SWIFT for several Russian banks, including Sberbank and VTB, soon after Moscow invaded Ukraine in February last year to target Russian trade.
This is the latest phase in the US-China technology competition, which now spans supply chain law, export controls, labour compliance, and semiconductor access.
American objectives are unmet. They neither have muscle nor motivation to resume the war. As for Iran, the regime didn’t just survive, it’s now led by more radical individuals.
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