What we see emerging is a basket of non-dollar currencies which will in part challenge the petrodollar. This will encourage countries like the UAE, India, China, Russia and more recently, Nigeria amongst others, to trade more broadly with each other and develop interdependencies.

Large economies and small trading nations alike, that sit in the sweet spot between the West and the Russia+China bloc, have a unique opportunity to reduce their reliance on the USD. Ultimately, this will enhance strategic autonomy and geopolitical maneuverability.

India is taking its steps to globalize the INR. Alongside, it must diversify foreign reserves into new currencies as well as commodities like oil, metals and grains. This comprehensive exercise fits into new multilateral political and trade arrangements currently in the making.

The dollar hegemony probably won’t end any time soon given the US-led bloc is powerful and will continue to be for decades to come. But a concerted effort to decouple by many nations will chip away at dollar volumes and by extension, US influence and the current unipolar system.