Creating a non-dollar payment system for the oil is trivially easy and makes near no difference to anything at all. Creating a payment system that avoids the US banking system is near impossible. Instead, it says that if there are sanctions upon a country then it’s the dollar payment system that cannot be used. The argument is that, ultimately, every transaction that is done in US dollars at some point takes place inside the US. Transactions in British pounds eventually take place in London, in taka in Dhaka and in dollars in New York.

Source: Dhaka Tribune February 16, 2019 20:03 UTC