China, Russia, Iran and Turkey to de-peg from dollar?

Source:al Arabiya Date:15Sep2018

Answers an important question Ankara is trying to sort through:   Can it defy the threat of American  sanctions by switching  to local currency trade?



China is the world’s largest oil importer, making it possible to choose the countries that approve the Petro- Yuan deal with oil sellers, especially when oil prices are relatively low, and sellers have to export more of this commodity without losing their reserves of US dollars.

However, this is not that simple and requires much time, especially since the world’s largest oil exporters agreed to accept the US dollar exclusively for oil sales more than 4 decades ago. In this regard, it is difficult to find swift fallouts, especially with American crude oil production increasing to its highest levels ever. Nonetheless, collective movement is what will undermine much of the American dollar dominance, which in turn affects American political and military influence overseas.