Thus far, the most severe consequence of Russia's military operation has been the exclusion of Russian banks from the global financial system. But the tide seems to be turning with petrodollar's status threatened as first shipment of Russian coal paid in Yuan is on its way to China.
Despite exempting several sectors from sanctions, the US is warning India that increased trade with Moscow will result in grave repercussions. Yet, Indian firms have begun the process to accept China's yuan for their exports.
According to geopolitical researcher Brian Berletic, US Treasury Secretary Janet Yellen recently declared that the dollar has no major rivals in the globe, but that assertion could be "wishful thinking" on Washington's behalf. On the contrary, US sanctions on Russia could speed up dedollarisation and help the rise of Yuan.
The dynamic between the US and Saudi Arabia seems to be dramatically changing. The petrodollar is showing cracks in what seemed to be an impregnable fortress as Saudi Arabia is now considering accepting the Yuan for Chinese oil sales instead of the dollar.