It is not easy to untangle the reliance of the world economy to the U.S. dollar and to U.S. financial systems. Even talk of multilateralism is premature. It is one thing to call for it and another to recognize that it will take at least a decade to create the institutions and instruments for multilateralism. Confidence in the Chinese yuan, for instance, will need to be built. So will confidence in alternative systems to transfer money and to reconcile trades. The European Union said openly that it wanted an alternative mechanism to pay Iran for oil, one that would not run through U.S. sanctions. But such an instrument could not be created. It will take time.
Meanwhile, on the political plane, about 25 countries have come together to create a platform against sanctions. These countries, says Iran's senior parliamentarian Mohammad Ali Pourmokhtar, will stand together against the "inhumane" U.S. sanctions regime. It is not clear what this group will be able to do, but it is certainly the case that they will conduct a political campaign against the kind of harsh sanctions that are currently on Venezuela, Cuba, and Iran.
It is significant that China and Russia will be involved with this club. In Tehran, Russia's Ambassador Levan Dzhagaryan said that China, Iran and Russia will form a trilateral group to fight against the U.S. unilateral war on Iran.
The group of 25 will struggle against sanctions and the group of three will try to prevent a U.S. war -- but whether they can prevail is a serious question. The United States -- under Trump -- is utterly unreliable, its military arsenal ready to be unleashed, its hybrid war already unfurled. These are dangerous times.
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