KW: Not unexpectantly there is a mounting backlash about the U.S. using the SWIFT bank clearing system and the U.S $ as weapons to achieve its own geo-political aims. Russia has had enough of this and (long ago should have) has developed its own clearing system. U.S commentators now fear the worst for the long term prospects for the USD. While this Reuters article explains that SWIFT is Belgian based it is controlled by the U.S.
Russia has just unveiled an ambitious payments system that will provide services similar to SWIFT (the Society for Worldwide Interbank Financial Telecommunication), the leading bank message traffic facility in the world today for funds transfers.
The new Russian system may quickly be expanded to include China, India, Iran and Turkey and eventually other nations. What all of these countries have in common is that they have been subject directly or indirectly to U.S. financial sanctions. Building an alternative payments system is the best way to work around U.S. sanctions.
It may not be long before the participants in the Russian system trade oil, weapons, agricultural produce and more without using dollars at all. In time, the dollar may be just another local currency like Mexican pesos or Turkish lira. That time may not be far away.