“They’re working to develop the arteries of a financial system that is not dollar-centric.”
This is not news!
Non-USD denominated trade has been developing for years and its growth is not necessarily related to current tensions in the ME.
Since 9-11 the Americans have be tighening their oversight of currency movements between US bank accounts relating the FX settlements. These regulations were intended to track terrorist funding and drug money and they have become a complete pain in the a*se in international banking circles.
The cost of compliance is excessive.
As early as 2003, the growth of non-USD trade settlements became noticable and it has been growing steadily ever since. With this growth is a corresponding general decline in the enforcibility of US trade sactions.
The Iranians are old hand at getting around trade santions. My favorite deals were the Oil-for-Wool swaps they did with New Zealand in the 1980's.
